THE LAND ANNEXATIONS 1898-1925
Spetsbergens Svenska Kolfelt
THE CLAIM SIGNS
The claim signs
Aktiebolaget Spetsbergens Svenska Kolfält
The 4th of May 1916 an invitation to sign up for shares in this company was distributed. During the summer of 1917 150 men were sent to Spitsbergen to establish a coal mine in Braganzavågen. The mine was named “Sveagruvan”.
The world war, the lack of coal and the rising of the coal prices made it possible for the Swedish company to exploit these areas.
The 27th of June 1921 a new company was founded under the name “Svenska Stenkolsaktiebolaget Spetsbergen”. The share capital was NOK 4 250 000.
The construction site was expanded with several new buildings, but only a few months later, the economical foundation (showed itself) decreased. The company paid large debts and the coal prices were going down. The company was dissolved the 7th of November, 1923. The area by Pyramiden was sold to Russky Grumant, later known as Trust Arktikugol. Today, Sveagruva is owned by Store Norske Spitsbergen Kulkompani.