Shipowner and investor Felix H Tschudi plans to re-open the more than 100-year-old Sydvaranger Gruve iron ore mine next year.

Sydvaranger was opened in 1906 but went bankrupt in 2015.

A year later, Tschudi bought the company out of bankruptcy and has been fighting to reopen the plant.

The US mining investor Orion Mine Finance has now agreed in principle to take part in the project, which aims at a re-opening the minenext year.

“We look forward to be a long term partner in the company,” said Orion investment director Michael Barton.

More than NOK 1.5bn ($180m) needs to be invested in the project, according to Sydvaranger chairman Peter S Larsen.

Tschudi Shipping sold its vessels last year. Felix Tschudi is a fourth generation shipowner.