Nordic Mines AB (publ) Half-year Interim Report, January-June 2011
(Thomson Reuters ONE) -
Press release, 17 August 2011
Second quarter 2011 (compared to same period of previous year)
* Preparation work at the Laiva mine continued as planned
* Gradually extended exploration in immediate surroundings of the Laiva mine
and in Oltava
* Investments amounted to MSEK 81 (MSEK 35)
* The group's cash and cash equivalents amounted to MSEK 45.6 (MSEK 166.9) at
the end of the period
* The profit/loss after financial items was MSEK 6.4 (MSEK -5.8), and after
tax, MSEK 4.7 (MSEK -5.8)
* The Group's total earnings, including unrealized cash flow securities,
amounted to MSEK -23.3 (MSEK -5.8)
* The group's total earnings per share before dilution amounted to SEK -0.67
(SEK -0.18), and after dilution, to MSEK -0.66 (SEK -0.18)
* Deferred tax claims increased by MSEK 8.3
First half-year 2011 (compared to same period of previous year)
* Gold price secured at an average of EUR 1,049 per ounce for 36 percent of
the planned production at the Laiva mine from the second quarter of 2012 up
to and including the first quarter of 2015
* Investments amounted to MSEK 236 (MSEK 44)
* The profit/loss after financial items was MSEK 0.3 (MSEK -8.6), and after
tax, MSEK 0.2 (MSEK -8.6)
* The Group's total earnings, including unrealized cash flow securities,
amounted to MSEK -27.6 (MSEK -8.6)
* The group's total earnings per share before and after dilution amounted to
SEK -0.79 (SEK -0.27)
* Deferred tax claims increased by MSEK 9.7
Post balance sheet events
* Ore mining commences at the Laiva mine
* New calculation indicates a 1.2 million tonne increase in ore reserves at
the Laiva mine compared to previous calculations
* Commitment letter for a futher MEUR 7.5 credit facility signed with two
existing lenders, Standard Bank Plc and UniCredit Bank AG
* Gold price sets new all-time high of USD 1,815 and EUR 1,272 per ounce as of
15 August
Comments by the CEO
"After six years' preparation, just days remain to us commencing the start-up of
our plant at the Laiva mine. Ore mining by contracting company Tallqvist Oy
commenced as planned during the summer. Through the autumn, we will gradually
take over drilling and loading ourselves, consistent with our decision to
undertake mining ourselves to ensure the quality of ore extraction. Work at the
concentration plant has now entered its final phase, and as previously reported,
we expect to start up this plant in week 34. Subsequently, we will progressively
start up and fine-tune the various production processes.
After the end of the period, we published a new mineral resource calculation
indicating a 1.2 million tonne increase of proven ore reserves at the Laiva
mine, to a total of 12.9 million tonnes, making the Laiva mine one of the
largest gold mines in the Nordic region. Accordingly, we will proceed on larger-
scale drilling to further extend the Laiva mine's ore reserves. We have also
started core drilling at Oltava, 12 km south of the Laiva mine, where previous
test drilling produced positive results.
The combination of increased ore reserves and the continued rise in gold prices
has resulted in futher strengthening of the Laiva mine project over the past
year. Nordic Mines is also now in a strong financial position and has
significant financial resources. By selling a small portion of our production
forward, we have secured the operating and financing costs at the Laiva mine for
several years ahead. Simultaneously, we are able to benefit from the increase of
the gold price, because the majority of our production is still exposed to the
current gold price. As a result, we have made good progress towards our goal of
becoming one of Europe's leading gold producers, and I look forward to our
onward progress with considerable confidence."
The complete report is available on the Nordic Mine
websitehttp://www.nordicmines.se/
For further information, please contact:
Michael Nilsson, CEO, Nordic Mines, phone 46 (0)18
84 34 501,mille(at)nordicmines.se
Nordic Mines is required to publish this information pursuant to the Swedish
Securities Market Act and/or the Financial Instruments Trading Act. The
information was published on Thursday 17 August 2011.
Press Release Half-year Interim Report, January-June 2011:
http://hugin.info/138647/R/1539057/470220.pdf
Half-year Interim Report, January-June 2011:
http://hugin.info/138647/R/1539057/470221.pdf
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(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: Nordic Mines AB via Thomson Reuters ONE
[HUG#1539057]
Unternehmensinformation / Kurzprofil:
Datum: 17.08.2011 - 14:37 Uhr
Sprache: Deutsch
News-ID 57326
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Kategorie:
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