https://www.miningweekly.com

Northland resumes operations after creditors agree to offering

4th June 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – Iron-ore junior Northland Resources on Tuesday resumed operations at its Kaunisvaara direct shipping iron-ore mine, in Sweden, after a consortium of creditors approved a $335-million bond offering that would allow the company to complete construction and take the project to commercial operation.

Northland halted operations in May after the bondholder trustee, Norsk Tillitsmann, blocked the company’s access to its bank accounts, following unsuccessful efforts to raise capital. The company shipped its first iron-ore in February.

“We are very pleased to have successfully closed the offering, which is expected to provide sufficient funding to complete the Kaunisvaara project,” Northland CEO Karl-Axel Waplan said.

Meanwhile, the company completed several more shipments of iron-ore of about 55 000 t each from the Port of Narvik, in Norway, where its storage facilities were recently completed, which would reduce loading costs.

The company planned to produce about 1.2-million tonnes in 2013. The mine would ramp up to a production capacity of about four-million tonnes a year at the end of the third quarter of 2014.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

SafeQuip
SafeQuip

SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...

VISIT SHOWROOM 
Rosond
Rosond

ROSOND provides fast, efficient, safe, and cost-effective drilling and grouting services to mining and exploration industries throughout Africa.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.054 0.801s - 110pq - 2rq
Subscribe Now