The Laiva mine produced 130 kilos of gold Q1, 2012
(Thomson Reuters ONE) -
During the first quarter 2012 a total of 130 kilos of gold was produced at the
Laiva mine. More that half of this, 68 kilos, was produced in March. However, as
this is still less than predicted, the Board has decided to strengthen the
liquidity of the company primarily through further forward sales of gold.
During the first two months of the year, an average of 1 kilo of gold was
produced per day. At the end of February, the high-grade refinery circuit was
taken into use and after this the production has increased.
At the end of March, the production level was around 3 kilos of gold per day -
compared to the planned capacity of the plant of around 10 kilos per day.
* The trend is positive and we are now working intensely on reaching a
production level that complies with our long-term production goal, says
Michael Nilsson, CEO of Nordic Mines.
* According to existing project loan agreements with the bank syndicate
Standard Bank, UniCredit Bank and Finnvera, the company has paid MEUR 6.3 in
amortization and
MEUR 1.0 in interest rate as of March 30.
As the gold price was higher than the price of the existing sales contract, the
company also had to pay the difference of MEUR 2.5 in accordance with the
agreement. As a consequence of this payment, a major part of the net liquidity
from the recent share issue has been used.
The present production level generates around MSEK 30 per month of profit and
the Board estimates that the production will continue to increase successively.
Despite this, the Board estimates that the liquidity of the company has to be
strengthened, primarily through further forward sales of gold.
For further information contact:
Michael Nilsson, CEO of Nordic Mines, phone. +46 18 84 345 01
Nordic Mines is a Nordic mining and exploration company whose goal is to be one
of the leading gold producers in Europe and a role model in respecting the
environment. The company started mining gold in the Laiva mine in Finland in
summer 2011. These gold deposits are among the largest in the Nordic region.
Exploration is in progress in Finland and Sweden. Nordic Mines has 86 employees
and its head office is in Uppsala. The Nordic Mines share is traded on the
Nasdaq OMX Mid Cap list in Stockholm. For more information, go to
www.nordicmines.com
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originality of the information contained therein.
Source: Nordic Mines AB via Thomson Reuters ONE
[HUG#1602161]
Unternehmensinformation / Kurzprofil:
Datum: 13.04.2012 - 07:55 Uhr
Sprache: Deutsch
News-ID 134697
Anzahl Zeichen: 3125
contact information:
Town:
Uppsala
Kategorie:
Business News
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