Dannemora Mineral AB: Year-end report January - December 2008
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR
- On 18 June, the Swedish Environmental Court approved Dannemora Mineral's application to engage in mining activities in Dannemora. The ruling has the force of res judicata and cannot be appealed.
- In Q1 2008, Dannemora Mineral AB conducted a feasibility study of the planned operations in the Dannemora mine, which showed the project has sound financial viability.
- Dannemora Mineral completed a private placement during the Q2, which brought the company SEK 155 million before issue expenses. A total of 3,100,000 shares were subscribed for at a share price of SEK 50.
- In Q1, the Board of Dannemora Mineral appointed Staffan Bennerdt as new CEO of the company with effect from 1 April.
- Profit/loss after net financial items amounted to SEK -22.7 (-10.2 ) million in 2008.
Profit/loss for Q4 2008 was SEK -9.4 (-5.3) million.
- Cash flow from operating activities during 2008 was SEK -20.5 (-7.8) million. Cash flow for Q4 2008 was SEK -1.6 (-2.2) million.
- Investments in 2008 amounted to SEK 65.7 (17.6) million, and in Q4 2008 to 21.5 (1.9) million.
- Cash & cash equivalents at 31 December 2008 were SEK 148.6 (63.7) million.
SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE
- In February 2009, rock work in the Dannemora mine began with ramp placement and development work, which will generate iron ore starting in Q2. The ore is mainly intended for use in trial deliveries to potential customers.
- In February 2009, Dannemora Magnetit signed a letter of intent for future iron ore deliveries with three European steel companies.
- On 13 January 2009, Dannemora Magnetit AB and a number of interested parties signed a declaration of intent with the Swedish Rail Administration on the renovation of the railway line on the Örbyhus - Dannemora - Hargshamn - Hallstavik section, which will bring Dannemora cost-efficiency and environmental advantages.
The full report with tables can be downloaded from the following link: