Northland Appoints Banks for Project Financing
(Thomson Reuters ONE) -
March 1, 2010 Northland Resources S.A (Northland) is pleased to announce that
the Company has appointed and retained leading global mining finance and
investment banks - Société Générale, UniCredit Bank AG and WestLB AG as
exclusive Mandated Lead Arrangers in the proposed project financing of the
Kaunisvaara Iron Concentrate Project. The Facility will be subject to each
Mandated Lead Arranger securing its internal credit approvals, due diligence and
related documentation.
The Kaunisvaara Iron Concentrate Project contemplates the staged development of
3 magnetite iron ore deposits - Tapuli, Sahavaara and Pellivuoma - that would
provide feed to a single, multi-line processing facility in Sweden, producing up
to 5 Mtpa of a high-grade, high-quality magnetite iron concentrate. On
September 7, 2009, Northland released the results from the Kaunisvaara PEA,
confirming that the Project was technically feasible and financially positive.
Kaunisvaara is currently the subject of a Feasibility Study to be completed in
2Q 2010.
Anders Hvide, Executive Chairman of Northland commented, "Our Board of Directors
and Management are pleased to welcome these world class financial institutions
to the team developing Kaunisvaara. This is a significant step on the path
toward financing and building the mines and delivering on our commitment to
build shareholder value in a sustainable fashion."
"The banks view Kaunisvaara as an attractive mining project in a low risk
operating environment, given the robust project economics, existing
infrastructure, low political risk and strong community support," added
Karl-Axel Waplan, President and CEO.
Société Générale (SG) is one of Europe's largest banking groups, with over
163,000 employees and 30 million clients in 82 countries. SG is a leader in the
mining finance sector with specialised mining finance teams located in London,
New York and Toronto. SG has a track record of arranging major international
finance transactions, across a wide range of client profiles. With a strong
international track record, SG's recognised in-house technical expertise and
risk management platforms allow it to provide its clients with a broad spectrum
of financing and risk management solutions.
UniCredit Bank AG, a member of UniCredit Group, has been an active mining
finance house for over 20 years catering to the needs of its diverse and broad
client base. Its deep rooted industry and sector knowledge, coupled with its
expertise in complementary banking and risk management services, makes UniCredit
Group a strong partner in financing the mining and metals industries. UniCredit
Group is a major international financial institution with strong roots in 22
European countries as well as representative offices in 27 other markets, with
over 10,000 branches and approximately 170,000 employees.
WestLB AG is one of Germany's leading financial services providers and offers
the full range of products and services of a universal bank, focusing on
lending, corporate and structured finance, capital market and private equity
products, and transaction services. WestLB's Metals and Mining team incorporates
years of sector experience, with the institution's global reach and local
knowledge to deliver advisory, risk management and corporate and structured
finance products in a timely, consistent and reliable manner.
Société Générale, UniCredit Bank AG and WestLB AG will work closely with
Northland and its advisors in structuring and executing the financing and in
considering a range of financing options available to the Company in the project
development.
Northland is being advised in the project development by KPMG Corporate Finance
LLC. KPMG Corporate Finance LLC, a U.S. limited liability company, is a member
of FINRA and SIPC and is registered as a broker dealer with the SEC. KPMG
Corporate Finance LLC has more than 2,200 investment banking professionals
working across 62 countries and is one of the leading global middle market
investment banks.
ON BEHALF OF THE BOARD
"Anders Hvide"
NORTHLAND RESOURCES S.A.
For more information, please contact:
Northland Resources S.A.
Anders Hvide, Executive Chairman, Oslo: Tel. +47 92 88 98 58
Karl-Axel Waplan, President and CEO: +46 705 104 239
Deborah Craig, VP, Northland Resources AB: +46 70 638 43 00
Or visit our website: www.northlandresourcesinc.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1389381]
Unternehmensinformation / Kurzprofil:
Datum: 01.03.2010 - 07:12 Uhr
Sprache: Deutsch
News-ID 12996
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contact information:
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