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Year-End Report January - December 2010

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EVENTS DURING THE YEAR

·         Three new share issues mainly targeting Norwegian investors generated SEK 258 million during spring. The Company's share was admitted to trading on the Oslo Stock Exchange's Axess list on 17 June.

·         The draining of the Dannemora iron ore mine was completed in the first quarter and ramp placement down to main level at 350 metres continued.

·         Dannemora Mineral signed trial delivery agreements with five European steel companies and delivered approx. 77,000 tonnes of iron ore products, comprising both lump ore and sinter fines. Five steel companies conducted full-scale testing during the year. The results of the tests fulfilled expectations and represent a basis for negotiations regarding long-term supply contracts.

·         The Swedish Transport Administration has essentially finished its renovation of the railway line between Örbyhus and Hargshamn, with the final stage scheduled for completion in the first quarter of 2011.

·         Net sales for the period January - December 2010 amounted to SEK 44.9 (6.0) million. Profit after net financial items during the same period was SEK -50.9 (-23.4) million. Net sales for the 4th quarter 2010 amounted to SEK 16.9 (3.6) million, while profit after net financial items was SEK -9.3 (-6.1) million.

·         Cash flow from operating activities during the period January - December 2010 amounted to SEK -61.4 (-30.7) million. After cash flow from investing activities, SEK      -32.6 (-52.9) million, and cash flow from financing activities, SEK 245.7 (-) million, cash flow for the period was SEK 151.7 (-83.7) million. Cash flow from operating activities during the 4th quarter 2010 amounted to SEK -26.0 (-13.6) million. After cash flow from investing activities, SEK -18.9 (5.3) million, and cash flow from financing activities, SEK 0.2 (-) million, cash flow for the period October - December  was SEK -45.1 (-8.3) million.

·         Cash & cash equivalents at 31 December 2010 were SEK 212.1 (62.6) million.

 

SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING DATE

  • Dannemora Mineral AB has convened an Extraordinary General Meeting on 24 February 2011 to consider a proposal to grant the Board a mandate to issue up to three million B shares, without preferential rights for present shareholders.

 

·         The Company has concluded an agreement with Skanska IME for the detailed design of the new sorting plant at the Dannemora Mine.

 

The Year-End Report can be downloaded from the link below:

 

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