Nordic Mining chief executive Finn Ivar Marum resigned with immediate effect on Wednesday, September 30, 2026, as the company secured a temporary three-year government permit to dump 4.5 million tons of mining waste in Førdefjorden, removing a major project uncertainty while the firm manages severe financial distress.
Finn Ivar Marum Steps Down as CEO Amid Financial Pressures
Finn Ivar Marum informed the board of directors at Nordic Mining on Wednesday that he was stepping down from his role as chief executive officer with immediate effect. Marum is leaving the mining company to take on a new leadership position outside the mining sector, though he will remain available as an advisor to the board and managing director through the end of the year, focusing specifically on permits and regulatory contact.
Board chairman Kjell Roland credited the departing executive with managing a difficult chapter. Finn Ivar has led Nordic Mining through a demanding phase and built a strong team with the competence needed for the further ramp-up at Engebø, Roland said in a statement.
The leadership departure arrives during a severe economic crunch for the enterprise. Nordic Mining warned of a comprehensive restructuring in the previous week, triggering a 41.6 percent collapse in its share price. The company’s stock has plunged more than 94 percent over the course of the year. Management previously disclosed that production at the Engebø mountain deposit was trailing expected levels and that liquid reserves would stretch only until mid-October.
The board appointed Otto Søberg as interim chief executive officer. Roland noted that Søberg brings extensive leadership experience to ensure continuity and momentum during the ongoing operational ramp-up.
Ministry Grants Three-Year Waste Dumping Permit for Engebø
The CEO’s abrupt exit coincided with a consequential regulatory decision from the government. The Ministry of Climate and Environment granted a temporary three-year permit allowing Engebø Rutile and Garnet AS—a wholly owned subsidiary of Nordic Mining—to deposit mine tailings in Førdefjorden. At the same time, the ministry suspended the older pollution control acts that the Supreme Court had previously invalidated.
In June, the Supreme Court ruled that the original permits violated the requirements of the water regulations. Following that ruling, the company applied to deposit 4.5 million tons of mining waste over a three-year period. The original authorizations had permitted up to 170 million tons of waste disposal.
The application underwent a formal public consultation. The Norwegian Environment Agency recommended approval, concluding that deposition during this timeframe would not conflict with water regulations. Newly appointed Climate and Environment Minister Sigrun Aasland stated that the department is examining whether the company can eventually receive a long-term permit, with evaluations slated for completion early in 2027.
Aasland also noted that the government has challenged the enterprise to investigate reducing the total waste volume below the previously authorized 170 million tons. I am concerned with limiting the impact on the fjord, Aasland said. That is why we have challenged the company to limit the amount of waste placed in the fjord. That is important to me.
Environmental Advocates Condemn the Government Decision
Conservation groups responded with sharp criticism to the ministry’s approval. Sigrid Hoddevik Losnegård, leader of the youth environmental organization Natur og Ungdom, expressed profound disappointment with the newly appointed minister.
It is sick that Aasland has been climate and environment minister for a week and already made it clear which side she has chosen, Losnegård told the Norwegian news agency NTB. She added that her organization will do everything possible to halt the pollution.
The Norwegian Nature Conservation Association echoed those objections. Pernille Bonnevie Hansen characterized the decision as a severe violation of both the Supreme Court ruling and regulatory protections governing fjords. The dumping of mining waste is illegal, and it will continue to be so even if the government has cobbled together this permit in a hurry, Hansen said in a press release.
Balancing Operational Continuity and Financial Uncertainty
For the company itself, the temporary clearance offers a brief window of stability. The departing chief executive emphasized that the decision removes a critical roadblock for the Engebø initiative.
The decision removes an important uncertainty for the Engebø project and gives us the stability and predictability we need to further develop operations, Marum stated in a release issued by the company. It makes it possible to continue production, safeguard local jobs and carry out the ramp-up at the facility.
Marum reiterated that the temporary authorization provides essential predictability while management pursues long-term financial restructuring solutions to address the company’s shrinking liquidity.