Quebec prepared to buy rail to help rescue iron ore mine

Peter Carlsson, co-founder and leader of Northvolt since 2016, will remain as advisor as he quit a day after the firm filed for bankruptcy.

The company changed its board of directors and plans to spin out non-core assets La Verde, Capricho, and Paco Orco into a new company.

Most mining firms rely on their own diesel supplies to extract iron ore, diamonds, rutile and bauxite in the resource-rich country.

The transaction is expected to close in early 2025.