Dannemora Mineral AB : Year-End Report January-December 2011

Friday, 17. February 2012 08:03
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]
Related Links: 
Author:
Hugin
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.