Dannemora Mineral AB: Interim Report January - September 2008

  • London-based Endeavour Financial Ltd has been engaged as advisor for the loan part of the Dannemora mine financing. Completion of the financing is planned for Q1 2009.
  • Rock work in the Dannemora mine starts in December of this year with ramp placement, followed by pre-production development work. Bergteamet AB has been engaged as contractor for the rock work.
  • The ramp placement will generate iron ore by the start of Q1 2009. The ore will be used for trial deliveries to potential customers and sold as coarse ballast.
  • According to the company's investment plant, the ore processing plant will be operational in Q1 2010. Production in the mine and plant will then gradually work up to full capacity by the turn of year 2011/2012.
  • The Dannemora ore's sintering properties have been tested at SGA in Germany over the summer.  The tests show that the Dannemora ore sinters well with ore from other iron ore producers. 
  • In Q3 2008, Dannemora Mineral was granted three new exploration permits for iron mineralisations: Riddarhyttan no. 1 and Persberg nos. 1 and 2. The permits are aimed at securing further iron reserves as part of the company's strategy to become an important niche supplier of iron ore.
  • Profit/loss after net financial items in the period January - September 2008 amounted to SEK -13.3 (-4.9) million.
  • Cash flow from operations in the period January - September 2008 was SEK -18.9 (-5.7) million.
  • Investments in the period January - September 2008 amounted to SEK 44.2 (15.7) million.
  • Cash & cash equivalents at 30 September 2008 were SEK 167.9 (68.0) million.
 
The full report with tables can be downloaded from the following link:

About Us

Dannemora Mineral AB is a mining and exploration company of which the primary activity is mining operations in the Dannemora iron ore mine. The Company also engages in exploration activities to increase the iron ore base locally and regionally, and to explore for base and precious metals in several areas in Uppland where the potential for finding mineable deposits is considered good. Dannemora Mineral comprises the Parent Company Dannemora Mineral AB and the wholly-owned subsidiaries Dannemora Magnetit AB (responsible for operation of the Dannemora mine and the Group’s exploration activities) and Dannemora Förvaltnings AB (responsible for the property portfolio). The Company’s most important asset is the iron deposit in the Dannemora Mine, and activity is focused mainly on the mining of this deposit at present. The Company is listed on NASDAQ OMX First North, Stockholm, and Oslo Axess. The Company's Certified Adviser on First North is Remium AB.