An update on production and the current financial situation
Production and recovery from the Dannemora mine have been very positive this summer and better than expected; this was a result of the investment in June and the continual process improvement work. Recovery has been approximately 40 percent. High recovery levels in August together with the cost savings presently indicate a positive EBITDA.
The negotiations with representatives of the company’s bondholders have continued. The aim of these negotiations is to work together to produce a plan that will solve the company’s financing needs. The first stage was to receive a waiver for a cash