Northland and Peab to Form a Joint Venture for Managing the Transport of Iron Concentrate from Kaunisvaara to Narvik Port
(Thomson Reuters ONE) -
Luxembourg, June 29, 2011: Northland Resources S.A. (TSX: NAU, OSE: NAUR,
Frankfurt: NPK - "Northland" or "the Company") is pleased to announce that the
Company and Peab AB ("Peab") have signed a letter of intent to form a joint
venture company ("JV") that will manage the entire logistical chain,
transporting the iron ore concentrate from Northland's mine in Kaunisvaara to
the loading on ships in the port of Narvik.
"We are confident that Peab will be a strong and committed partner for handling
the logistical solution, which is a very important component to bring the high
grade iron concentrate to our customers", said Karl-Axel Waplan, President and
Chief Executive Officer of Northland Resources S.A. "Together we will form a
joint venture company of which each partner holds 50%. The intention of the
parties is to invite one or two more partners to the JV."
The parties intend to establish the JV during the third quarter of 2011. The
logistic chain, which will be fully operated by the JV is planned to be
operational by the end of 2012 to coincide with the start-up of Kaunisvaara
production. The JV will manage the entire logistical chain, covering the loading
of concentrate onto trucks for transport to the Svappavaara terminal, where the
goods will be transferred on to rail cars. The JV will also operate the trains
from Svappavaara to the port of Narvik, including the storage of goods in Narvik
and the loading of the ships.
"We are pleased that we can further develop our cooperation with Northland. Our
experience from past mining projects will enable us to develop and refine their
logistical solution", says Peab's CEO Jan Johansson in a statement.
The Kaunisvaara iron ore project is located in Northern Sweden, approximately
100 km north of the Arctic Circle, in the municipality of Pajala. After the
completion, the annual capacity of the process plant will be 12 million tonnes
of iron ore and 5 million tonnes of iron ore concentrate.
Northland is a development-stage mining company with a portfolio of iron ore
projects in northern Sweden and Finland. The Company's Kaunisvaara Project will
exploit magnetite iron ore deposits, feeding a single, multi-line processing
facility in Sweden. The process yields a very high-grade, high-quality magnetite
iron concentrate. The Company is also preparing a Definitive Feasibility Study
for the Hannukainen Iron Ore Copper Gold Project in northern Finland.
Peab is an innovative construction and civil engineering company which combines
the strengths of a large group with those of a local company's ability to create
flexible solutions. Net sales 2010 were SEK 38 billion and the company employs
approximately 14,000 people across the Nordic region. More info onwww.peab.com
"Karl-Axel Waplan"
President and CEO
Northland Resources S.A.
For more information, please contact:
Karl-Axel Waplan, President and CEO: +46 705 104 239
Anders Hvide, Executive Chairman: +47 92 88 98 58
Anders Antonsson, VP Investor Relations: +46 709 994 970
Marguerite Manshreck-Head, Investors Relations, Canada: + 1 647 224 7882
Or visit our website: www.northland.eu
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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: Northland Resources S.A. via Thomson Reuters ONE
[HUG#1526789]
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Datum: 29.06.2011 - 08:45 Uhr
Sprache: Deutsch
News-ID 55943
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