Nordic Mining’s interim report for the quarter ended 30 September 2014
Enclosed please find Nordic Mining’s interim report for the third quarter 2014.
Important events in the third 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 and hydrographical data in the Førdefjord was finalised after 12 months of continuous measuring.
- Results from supplementary investigations submitted
In September 2014, the results and final reports related to the supplementary investigations were submitted to the Ministry of Climate and Environment. The results confirmed the previous measuring and surveys conducted in connection with the environmental impact assessments for the Engebø rutile project.
- Ongoing decision process related to the Engebø rutile project
The Ministry of Local Government and Modernisation is responsible for decision of the industrial area plan. The ministry will consider all aspects related to the project, i.a. industrial, social, environmental etc. The application for waste disposal permit will be considered by the Ministry of Climate and Environment.
- Significant increase of Keliber’s mineral resources
In November 2014, Keliber reported resource estimates for the Rapasaari and Emmes lithium deposits in accordance with the JORC Code 2012. The estimate for Keliber’s indicated mineral resources was increased by 55%. The total estimate for measured and indicated mineral resources in accordance with the JORC Code is approximately 5.2 million tonnes.
- Successful equity issues for Keliber
In 2014, Keliber has executed equity issues with gross proceeds of approximately EUR 2.5 million; similar to approximately NOK 21.5 million. The new financing will be used for i.a. exploration drilling, environmental impact assessments, process optimisation test work and a pre-feasibility study. Nordic Mining’s retained ownership in Keliber is approximately 25.0%.
- Ongoing exploration drilling in Reinfjord
A NTNU coordinated project is currently undertaking exploration drilling of two boreholes in Reinfjord. The project is funded from the Nordic Council of Ministers through NordMin.
- Substantial oversubscription of Rights Issue
Nordic Mining’s Rights Issue which was completed 14 November 2014 was 86% oversubscribed. 28 million new shares were subscribed at a price of NOK 0.60 per share. Gross proceeds from the issue were NOK 16.8 million.
For further information please contact CFO Lars K. Grøndahl, telephone +47 90160941.
Oslo, 21 November 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 a 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 in the Øksfjord region 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.