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Dannemora Mineral AB : Year-End Report January-December 2011 | ![]() |
Friday, 17. February 2012 08:03 |
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Significant events during the period · The Company launched a USD 120 million five-year bond issue and implemented a private placement of SEK 150 million in connection with this. · Dannemora Mineral signed five-year contracts with ThyssenKrupp AG and Salzgitter Flachstahl AG for annual iron ore deliveries of up to 600,000 tonnes. · Dannemora Mineral signed a five-year contract with Stemcor UK Ltd for the annual supply of up to 600,000 tonnes of iron ore. Deliveries will commence in 2013. · The Company decided to invest a further SEK 120 million underground, in order to ensure efficient and reliable transport, and to build a homogenisation store, which is expected to tie up SEK 20-30 million in working capital. · The Board of Dannemora Mineral decided to list the Company's share on the Stockholm Stock Exchange's main list at an appropriate point after the operational start-up of the Dannemora iron ore mine. · Operating revenue for the period January-December 2011 amounted to SEK 3.1 (44.9) million. Profit/loss after net financial items during the same period amounted to SEK -118.2 (-50.9) million. Net sales for the 4th quarter 2011 amounted to SEK 0.8 (16.9) million, while profit after net financial items was SEK -22.3 (-9.3) million. · Total cash flow for the period January-December 2011 was SEK 406.6 (151.7) million. Total cash flow for the fourth quarter was SEK -17.6 (-45.2) million. · Cash & cash equivalents at 31 December 2011 amounted to SEK 628.8 (212.1) million. Significant events after the end of the period * Dannemora Mineral and Hargs Hamn AB signed a ten-year contract for terminal services. This and the previous contracts with Green Cargo and NACCO mean that Dannemora has now covered the entire logistics chain from mine to ship loading. * An update of the Company's mineral reserve reported 35.1 million tonnes of probable mineral reserves grading 35.3 percent iron. This is an increase of 6.9 million tonnes. * Dannemora Mineral AB has notified the Mining Inspectorate of the start of mining operations from 13 January 2012. * The investment project in Dannemora has progressed without disruption so far and the sorting plant will start operations in the second quarter of 2012. The Year-End Report can be downloaded from the link below: Dannemora Mineral Year End Report 2011: http://hugin.info/137553/R/1586908/497639.pdf This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Dannemora Mineral AB via Thomson Reuters ONE [HUG#1586908] |
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