Correction: Nordic Mining’s Annual Report for 2018
The Board of Directors of Nordic Mining ASA has authorized the 2018 annual report for issue. The annual report is attached to this correction notice.
The Board of Directors of Nordic Mining ASA has authorized for issue the 2018 annual financial statements for the Group and for the parent company, and the Board of Directors’ report. The annual report is also available at the Company’s webpage.
In the consolidated financial statements for 2018, operating loss increased by NOK 3.7 million compared to the unaudited fourth quarter 2018 report. As described in Note 24 - Events after balance sheet date - the exclusive rights for investigation and development of the Kvinnherad quartz deposit expired in April 2019. The Group therefore recognized an impairment of exploration and evaluation assets of NOK 2.4 million for previously capitalized drilling costs in the area and made a provision of NOK 1.3 million for a potential VAT reclaim. The Company continues commercial dialogues to establish a broader basis for progressing the project.
The auditor's report, which is incorporated in the annual report, includes a statutory emphasis of matter relating to the further financing of the Group.
For further information please contact CFO Birte Norheim, telephone +47 9529 3321.
Oslo, 29 April 2019
Nordic Mining ASA
Nordic Mining ASA (www.nordicmining.com)
Nordic Mining ASA (“Nordic Mining” or the “Company”) is a resource company with focus on high-end industrial minerals and metals. The Company’s project portfolio is of high international standard and holds significant economic potential. The Company’s assets are in the Nordic region.
Nordic Mining is undertaking a large-scale project development at Engebø on the west coast of Norway where the Company has rights and permits to a substantial eclogite deposit with rutile and garnet. Nordic Mining also holds 18.5% of the shares in Keliber Oy, which is developing a lithium project in Finland.
Nordic Mining also holds interests in other initiatives at various stages of development. This includes patented rights for a new technology for production of alumina which are jointly owned with the Institute for Energy Technology. The Group has also taken initiatives related to seabed mineral exploration in Norway and participates in the MarMine research project. Further, the Group is investigating a high-quality quartz deposit in Kvinnherad in western Norway and holds exploration rights for nickel and PGE in a prospective geologic province in Reinfjord in northern Norway.
Nordic Mining is listed on Oslo Axess with ticker symbol “NOM”.