Interim Report January to March 2011

Friday, 29. April 2011 08:02

* At the end of February 2011, Dannemora Mineral secured the financing for the
Dannemora iron ore project with a five-year bond issue totalling USD 120
million. This means the mine is expected to be ready for operation in the
second quarter of 2012.
* The Company has entered into a five-year agreement with Salzgitter
Flachstahl GmbH for annual deliveries of up to 300,000 tonnes of iron ore.
The deliveries are scheduled to start in the second quarter of 2012.
* A private placement in March 2011, mainly targeting Norwegian and other
foreign investors, brought Dannemora Mineral a further SEK 150 million. The
issue was completed with a subscription of 126 percent.
* Dannemora Mineral has decided to apply for its Class B shares to be listed
on the Stockholm Stock Exchange main list, which means a move from First
North where the shares have been listed for four years.
* Net sales in the period January - March 2011 amounted to SEK 0.8 (0.8)
million. Profit/loss after net financial items during the same period
amounted to SEK -8.0 (-13.9) million.

·         During the first quarter, five key individuals were recruited to the
Dannemora mine's future management group.

* Cash flow from operations in the period January - March 2011 was SEK 21.8 (-
1.3) million. After cash flow from investing activities, SEK -161.0 (-1.2)
million, and cash flow from financing activities, SEK 906.3 (158.4) million,
total cash flow for the period was SEK 767.1 (155.9) million.
* Cash & cash equivalents at 31 March 2011 amounted to SEK 979.2 (216.4)


·         Dannemora Mineral has signed an agreement with Skanska for the
construction of the new processing plant at the Dannemora iron ore mine.

·         Dannemora Mineral has signed a contract with ABB for the delivery,
installation and commissioning of a new hoist system for the Dannemora Mine.

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Interim Report January to March 2011:

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Source: Dannemora Mineral AB via Thomson Reuters ONE

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