Nordic Mining’s interim report per 31 March 2015
Enclosed please find Nordic Mining’s interim report for the first quarter 2015.
Important events in the first quarter 2015 and year-to-date:
Approved industrial area plan and discharge permit for the Engebø rutile project
On 17 April 2015, the Ministry of Local Government and Modernisation approved the industrial area plan for the Engebø rutile project. On the same date, a discharge permit for the project was granted by the Ministry of Climate and Environment.
Plans in progress for further development work
The government’s approvals represent a significant milestone for the Engebø project and a solid basis for further development and qualification work. The Company is currently working on moving the project forward, including i.a. project management planning, strengthening of the organisation, and evaluation of potential partnerships. Plans for a pre-feasibility study, and the required resources for this, are in progress.
Permits facilitate renewed strategic approach
The approval of the Engebø project is positive also in a broader perspective. Going forward, Nordic Mining intends to resume/initiate prioritised activities on other projects in the portfolio.
Significant increase of Keliber’s mineral resources
In April 2015, the 25% owned associated company Keliber reported updated and significantly increased resource estimates for the Rapasaari and Syväjärvi deposits. In total, Keliber’s estimated mineral resources in the measured and indicated categories now exceed 6.2 million tonnes (JORC Code 2004 and 2012 combined) at an average grade of 1.26% Li2O.
Preparations for a pre-feasibility study are ongoing
Process optimisation test work, cost and capex estimations, and environmental impact assessments are ongoing. A pre-feasibility study including preliminary project financials is tentatively scheduled for completion in Q3 2015.
Exploration drilling in Reinfjord
An exploration project coordinated by the Norwegian University of Science and Technology (“NTNU”) drilled two boreholes in Reinfjord in October/November 2014. The project is funded by the Nordic Council of Ministers through NordMin. Core sample analyses and other information from the exploration are expected in Q2 2015.
New initiative for submarine mineral investigations
Nordic Ocean Resources is together with NTNU and other industrial and research-oriented parties investigating possibilities for carrying out a comprehensive research project on marine mineral resources. The potential project will include an exploration cruise on the Mid-Atlantic Ridge, mineral sampling, analyses and process test work. A conclusion regarding a possible launch of the project is expected in Q2 2015.
For further information please contact CFO Lars K. Grøndahl, telephone +47-901 60 941.
Oslo, 12 May 2015
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 in the Nordic region.
Through the subsidiary Nordic Rutile AS Nordic Mining is undertaking a 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.