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Interim Report First Quarter

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Significant events during the period

  

  • Dannemora Mineral implemented a private placement which raised SEK 103,500,000 before issue costs. This is considered to have secured the remaining capital requirement until a positive cash flow is achieved.
  • An update of the Company's mineral reserve reported 35.1 million tonnes of probable mineral reserves grading 35.3 percent iron, which is is an increase of 6.9 million tonnes.
  • A new ramp connection to the surface was completed. This is a crucial component for significantly improved logistics in the mine and an early production start.
  • Dannemora Mineral signed a ten-year terminal services agreement with Hargs Hamn AB, which means that Dannemora has now resolved the entire supply chain from mine to ship loading.
  • The Court confirmed that King Carl XVI Gustaf will perform the official opening of the Dannemora iron ore mine on 13 June 2012.
  • Net sales for the period January - March 2012 amounted to SEK 0.8 (0.8) million. Profit/loss after net financial items during the same period amounted to SEK -0.4 (-8.0) million.
  • The total cash flow for the period January - March was SEK -243.0 (767.1) million.
  • Cash & cash equivalents at 31 March 2012 were SEK 383.3 (979.2) million.

  Significant events after the end of the period

  • The Company's production started on 2 April, when the sorting plant began operations, which means that the year's production plan has been adhered to.
  • Dannemora Mineral has decided to resume the process of getting its shares admitted to trading on the NASDAQ OMX Main List.

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