Images from the activities in Laiva
Press release, December 19, 2011. Translation from Swedish
First bullion from Laiva mine ready for delivery
On Tuesday December 27, the first bullion was molded at the Laiva mine in Finland. This means that the Nordic Mines’ processing plant is now in continuous operation.
“This is a milestone for us. The molding of the first bullion went smoothly and it is now ready for delivery,” says Michael Nilsson, CEO of Nordic Mines, in a statement.
The Laiva mine near Brahestad in Finland contains some of the largest gold reserves in the Nordic region. The mining of ore commenced during the summer. Throughout the autumn, the processing plant has gradually been developed and fine-tuned, and is now in continuous operation.
For more information, please contact: Michael Nilsson, CEO of Nordic Mines. Tel: +46 (0)18 843 4501,
Press release, December 19, 2011
Nordic Mines moves to Nasdaq OMX Mid Cap list
Starting January 2, 2012, Nordic Mines will be traded on the Stockholm Stock Exchange Mid Cap list. This was established after the Nasdaq OMX review of stock charts in 2012. Nordic Mines is currently listed on the Stockholm Stock Exchange Small Cap list.
For more information, please contact: Michael Nilsson, CEO of Nordic Mines. Tel +46 (0)18 843 4501,
Press release, 16 November 2011 (A translation)
Production start at the Laiva mine
Just six years after Nordic Mines started exploration at the Laiva mine in Finland, most of the processing plant is now operational. Gold extraction will start shortly, with the objective of reaching full production capacity before year-end, according to Nordic Mines’ Interim Report for the third quarter 2011, published today, 16 November.
“I’m really satisfied to be able to report that we’re about to start gold extraction at the Laiva mine. After over two months’ work on commissioning and fine-tuning the concentration plant and subsequent production processes, most of the plant is now operational. Our goal is to achieve full production capacity at the Laiva mine before year-end,” commented Nordic Mines’ CEO Michael Nilsson.
The profit/loss after financial items in the third quarter 2011 was MSEK -3.2 (MSEK -8.4) and MSEK -2.3 (MSEK 7.5) after tax. The net profit/loss per share after dilution was SEK -0.06 (0.23 SEK). The profit/loss after financial items for the first nine months of the year was MSEK -3.0 (MSEK -17.0) and MSEK -2.1 (MSEK -1.1) after tax. Comprehensive income including unrealised cash flow hedges was MSEK 169.9 (MSEK -1.1). Investments in the period were MSEK 425.1 (MSEK 232.7).
Read the complete Report for the period January-December 2011 as pdf-file....
For more information, please contact: Michael Nilsson, CEO of Nordic Mines. Tel +46 (0)18 843 4501,
Uppsala, Aug 9th 2011
Nordic Mines’ gold deposit the Laiva mine continues to grow ahead of production start
One of the biggest gold deposits ever discovered in the Nordic region continues to grow. Drilling performed during the second half of 2010 at the Laiva mine in Finland shows an increase of the ore reserve with more than 1 million tonnes, compared to the previously reported calculation. The proven and probable ore reserves now reach a total of 12.9 million tonnes with an average gold content of 1.85 grams of gold per tonne, corresponding to 23,850 kilos of gold.
Attachments:
Summary Report – Mineral Resource and Ore Reserve Update 8th August, 2011 pdf-file
Go to http://www.nordicmines.se/en/our-company/reports/1221771-financial-reports
Technical Report - Mineral Resources and Ore reserves 2011-08-08 pdf-file
Go to http://www.nordicmines.se/en/our-company/reports/1221771-financial-reports
This press release has been examined by Peter Kuiper, appointed by SveMin as a qualified person and employed as the Head of Development at Nordic Mines.
For further information, please contact:
Michael Nilsson, Chief Execeutive Officer, Phone: +4618-84 34 501 E-mail:
Calendar 2012
16 Feb 2012 Year-end Report 2011
09 May 2012 Financial Report Q1
23 May 2012 Annual General Meeting*)
16 Aug 2012 Financial Report Q2
15 Nov 2012 Financial Report Q3
14 Feb 2013 Year-end Report 2012
*) Shareholders wishing to address a matter at the AGM are entitled to submit their proposal in writing at the latest by 11 april 2012. Proposals may be sent by regular mail to Nordic Mines AB, Trädgårdsgatan 11, SE-753 09 Uppsala, via e-mail to info@nordicmines.se or via fax + 46 70 271 98 23.
News Summaries
Uppsala, November 16th 2011
Nordic Mines AB (publ) Interim Report Jan-Nov 2011
Third quarter 2011
• Ore mining at the Laiva mine and start-up of the concentration plant commence
• New calculations indicate a 1.2 million tonne increase in ore reserves at the Laiva mine
• Loan agreement on a new MEUR 7.5 credit facility arranged with Standard Bank Plc and UniCredit Bank AG
• Cash and cash equivalents were MSEK 134 (MSEK 47) at the end of the period
• The profit/loss after financial items amounted to MSEK -3.2 (MSEK -8.4) and after tax MSEK -2.3 (MSEK 7.5)
• The net profit/loss per share after dilution was SEK -0.06 (0.23 SEK)
• Comprehensive income including unrealised cash flow hedges was MSEK -142.3 (MSEK 7.5)
January-September 2011
• Gold price hedged at an average of EUR 1,049 (USD 1,458) per ounce for 36 percent of planned production at the Laiva mine from the second quarter 2012 until the first quarter 2015 inclusive
• Gradual expansion of exploration in the immediate surroundings of the Laiva mine and at Oltava
• Investments were MSEK 425.1 (MSEK 232.7)
• The profit/loss after financial items amounted to MSEK -3.0 (MSEK 17.0) and after tax MSEK -2.1 (MSEK 1.1)
• The net profit/loss per share after dilution was SEK -0.06 (-0.03)
• Comprehensive income including unrealised cash flow hedges was MSEK 169.9 (MSEK -1.1)
Post balance sheet events
The processing plant at the Laiva mine is now largely in continuous operation, and gold extraction will start shortly.
Grinding technology trimmed in at the Laiva mine
After working in mining projects across the globe for 37 years, it took leading edge grinding mill technology to tempt Australian project manager Mike Gunn to Finland to oversee the start-up of the gold production process at the Laiva mine. “I wanted to learn more about this innovative grinding process that saves both costs and the environment,” he says.
Asking what the escape plan was when he headed a mining project in politically unsettled conditions in Tajikistan, he was pointed towards the mountains leading into Afghanistan -which was being bombed by the US at the time. Compared to that experience – as well other adventurous mining projects in countries ranging from Mexico and Mali to Mongolia – the Laiva mine in central Finland appears as a textbook case of effectivity to Mike Gunn.
- Everything is so shiny and new, he says and looks admiringly around in the processing plant, which is being trimmed in at the moment.
- In many of the projects where I’ve been, a lot of second-hand equipment has been used – but here you can mirror yourself in the machinery, he says.
But it wasn’t the spotlessness that made Mike Gunn pack his bags from his base in Brisbane, Australia, and head for the north to accept the offer to oversee the start-up of the gold production process at Nordic Mines’ Laiva mine.
Press release, 17 August 2011
Nordic Mines AB (publ) Half-year Interim Report, January-June 2011
Download the report pdf
