NORDIC MINES AB (publ)
Half-year report January-June 2010
Second quarter 2010 (compared to the same period the previous year)
• Soil removal to expose gold ore in preparation for mining in Laiva has begun
• Investments amounted to MSEK 35 (MSEK 11)
• The Group’s cash and cash equivalents and short term investments amounted to MSEK 166.9 ( MSEK 33.0) at the end of the period
• The loss after financial items amounted to MSEK -5.8 (MSEK -2.6) and after tax to MSEK -5.8 (MSEK -2.6)
• The Group’s earnings per share before and after dilution amounted to SEK -0.18 (SEK -0.11)
Events after the end of the period:
• The remaining project financing for the Laiva mine has been in place since July 22
• At the end of July 75 percent of the total mine investment had been procured
• Tenders received for the remaining 25 percent of the investment are within the budgetary limits
A view of the Grinding Buiding during construction
Uppsala, July 22, 2010
Credit facility approved for the Laiva mine
A consortium consisting of Standard Bank Plc, UniCredit Bank AG and the Finnish state investment bank Finnvera (together the “Mandated Lead Arrangers” or “MLAs”) has approved a Senior Secured Loan Facility (the “Facility”) totalling €53 million to finance Nordic Mines' gold mine project in Laiva, near Raahe in middle Finland.
- ”These commitments of the MLAs mean that we now have full funding for budgeted investments and working capital in place to start gold mining in Laiva in Finland. Work on the project is already progressing, with mine development, installation of processing machinery, and the necessary infrastructure. We expect to start operation of the mine in the summer of 2011,” says Michael Nilsson, CEO of Nordic Mines.
For further information:
Michael Nilsson, CEO Nordic Mines, +46 188 434 501,
Quarterly Report January-March – press release
Construction of the gold mine in Laiva in parallel to negotiations about remaining project financing
During the first quarter 2010, Nordic Mines started to construct the gold mine in Laiva in Finland. Meanwhile, negotiations about the remaining project financing continued after the company had raised MSEK 240 through a combination of a directed and a preferential rights share issue.
Uppsala, March10th, 2010
Feasibility study for Nordic Mines’ Laiva mine finalised.
Good profitability even at gold prices far below present levels.
Gold production expected to start second quarter 2011.
News Summaries
2010-05-04Quarterly Report January-March 2010Construction of the gold mine in Laiva in parallel to negotiations......
Results from the exploration 2009 in connection with the main mineralization in Laiva
Uppsala, February 18th, 2010
Full year report 2009 – press release
Necessary permits granted for gold project in Laiva. Continued exploration shows further gold zones. Share issue beginning of 2010 over subscribed
• Investments were made with Tkr 48 448 (Tkr 67 310)
• Earnings after financial entries amounted to Tkr -11 686 (Tkr -139)
In November 2009, Nordic Mines was granted environmental permission for its planned gold mine at Laiva in Finland, one of the biggest gold deposits ever discovered in the Nordic region. This means that the building of infrastructure could be initiated, while the financing of the project was intensified. The financing includes a share issue, which was carried out at the beginning of 2010.
Year- end Report 2009 (Abbreviated version in English)...
Nordic Mines raises SEK 240 million
Combination of a directed share issue and preferential rights issue
