Gjedde acquired land properties in Norway, and was a central participant in the mining industry, and also became a partner in the silver mining venture of Kongsberg Sølvverk, which was founded in 1623 and formally established by royal resolution in the spring of 1624 when king Christian IV himself came to inspect the newly discovered silver deposits in Sandsvær. When the silver mine company was transformed into a private partnership in 1628, Ove Gjedde got a 25% share and from 1630 he was its director. In 1657, he established the iron foundry Ulefos Jernværk at Ulefoss in Nome, together with his brother in law Preben von Ahnen.