Nordic Mining’s interim report for the quarter ended 30 June 2014
Enclosed please find Nordic Mining’s interim report for the second quarter 2014.
Important events in the second quarter 2014 and year-to-date:
Strategic focus on the Engebø project
The Group’s near-term strategic target is to secure permits for the Engebø rutile project.
Measuring program completed
In August 2014, the measuring program for water circulations in the Førdefjord was finalised after 12 months of continuous measuring. The results from the last period will be published later in August 2014. The results from the previous three measuring periods are in line with the measurements included in the environmental impact assessment (“EIA”) and show moderate water circulation within the area of the planned tailings disposal. Nordic Mining considers the results so far as a positive confirmation of the EIA documentation.
Ongoing completion of the survey and investigation program
Nordic Mining is currently working on various reports in order to comply with the Ministry of Climate and Environment’s request for additional information regarding the Engebø project. In addition to the results from the measuring program this includes i.a. risk assessments regarding the planned tailings disposal, ROV survey and sample fishing of eel and other species in the disposal area. Nordic Mining’s final reporting to the Ministry is expected in September 2014.
Successful equity issue for Keliber
In June 2014, Keliber confirmed an equity issue with gross proceeds of approximately EUR 2.2 million; similar to approximately NOK 18.5 million. The new financing will be used for i.a. exploration drilling and process optimisation test work. Nordic Mining’s retained ownership in Keliber is 25.9%. Earlier this year the Finnish government accepted Keliber’s offer to acquire the Rapasaari spodumene deposit. Exploration drilling has been executed and updated resource estimates are expected in August/September 2014.
Funding secured for further exploration in Reinfjord
In March 2014, NordMin (funded by the Nordic Council of Ministers) granted NOK 2 million for further exploration in the prospective Reinfjord area with potential for nickel, palladium, platinum and PGE. A team of geologists from i.a. NTNU and Nordic Mining will do field-mapping studies in the area in August 2014. Drilling of one or two boreholes is planned in September 2014.
For further information please contact CFO Lars K. Grøndahl, telephone +47-901 60 941.
Oslo, 15 August 2014
Nordic Mining ASA
Nordic Mining ASA (www.nordicmining.com)
Nordic Mining ASA (“Nordic Mining” or “the Company”) is a resource company with focus on high-end industrial minerals and metals in Norway and internationally. The Company’s project portfolio is of high international standard and holds a significant economic potential. The Company’s assets are mainly in the Nordic region.
Through the subsidiary Nordic Rutile AS Nordic Mining is undertaking large-scale project development at Engebøfjellet in Sogn and Fjordane where the Company has rights to a substantial eclogite deposit with rutile and garnet. Nordic Mining has rights for exploration and production of high-purity quartz in Kvinnherad in Hordaland and develops the project through its subsidiary Nordic Quartz AS. Nordic Mining’s associated company Keliber Oy in Finland plans to start mining of lithium bearing spodumene and production of lithium carbonate. Nordic Mining holds exploration rights on the Øksfjord Peninsula in Troms and Finnmark, where the Company has discovered a prospective area of sulphide mineralisation. Through the subsidiary Nordic Ocean Resources AS, Nordic Mining is exploring opportunities related to seabed mineral resources.
Nordic Mining is listed on Oslo Axess.