Interim report January-March 2010
Interim Report January - March 2010
EVENTS DURING THE PERIOD
· In the first quarter, Dannemora signed trial delivery agreements covering a total of 30,000 tonnes of iron ore products with the German steel companies Salzgitter, Rogesa and ThyssenKrupp.
· Production of iron ore products for trial deliveries began with underground work in January. Processing started in March.
· Draining of the Dannemora iron ore mine was completed during the quarter. This was earlier than planned and represents a major step towards making the mine operational again.
· This year's iron ore price negotiations resulted in large price increases. The spot price for high-quality iron ore rose sharply during the first quarter and is now more than 100% higher than the 2009 benchmark prices.
· A new share issue brought the Company SEK 165 million. The new capital will help bring forward time-critical investments in transport ramps and mine exploration.
· Profit/loss after net financial items for the period January - March 2010 amounted to SEK -13.9 (-5.7) million.
· The period's cash flow from operating activities was SEK -1.3 (-7.9) million.
· Investments in the period January - March 2010 amounted to SEK 3.4 (20.0) million.
· Cash & cash equivalents at 31 March 2010 amounted to SEK 216.4 (118.1) million.
EVENTS AFTER THE END OF THE REPORTING PERIOD
- After the new share issue, transport ramp placement and exploration drilling began in the mine.
The complete interim report including tables can be downloaded from the link below: