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Keliber’s definitive feasibility study confirms profitable lithium project

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Nordic Mining’s associated company Keliber Oy (Nordic Mining 22%) has completed the definitive feasibility study for the lithium project in Finland. The study confirms a profitable business case and outlines the plans for execution of the project. Keliber targets to be the first vertically integrated producer in Europe of battery grade lithium carbonate. The main results from the definitive feasibility study are provided in this release.

For further information of the definitive feasibility study please see Keliber’s webpage at www.keliber.fi.

Key DFS outcomes

The main results presented in the DFS are:

  • Strong project financials:
    • Pre-tax NPV@8% of EUR 295 million
    • Post tax NPV@8% of EUR 225 million
    • Pre-tax IRR 24%
    • Post tax IRR 22%
    • Pay-back period: 5.5 years

  • Significantly increased mineral resource and ore reserve estimates

  • Average battery grade lithium carbonate sales volume of 10,745 tonne/year

  • Average lithium carbonate sales price of USD 12,357 per tonne
  • 13 years of open pit and underground mining operations followed by 7 years of production based on purchased spodumene concentrate
  • Upfront capital cost of EUR 199 million for mines and production facilities; additional capex of EUR 56 million during the production period

Additional information

Keliber’s press release today provides additional information. The press release and the executive summary of the definitive feasibility study are available at Keliber’s webpage www.keliber.fi.

Keliber will host a video conference on Friday 15 June 2018 to present the results of the definitive feasibility study; please see Keliber’s press release for further information.

For questions, please contact:

CEO Ivar S. Fossum, telephone +47-930 96 850
CFO Lars K. Grøndahl, telephone +47-901 60 941


Oslo, 14 June 2018  
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 in Norway and internationally. The Company's project portfolio is of high international standard and holds a 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. Permits for the project have been granted by the Norwegian government, and a prefeasibility study was completed in October 2017. Nordic Mining's associated company Keliber in Finland is in the process of completing its definitive feasibility study and preparing for production of lithium carbonate. Nordic Mining has rights for exploration and production of high-purity quartz in Kvinnherad in Norway. Further, the Company holds exploration rights at Reinfjord in northern Norway where a prospective area of sulphide mineralisation has been discovered. Nordic Mining is also exploring opportunities related to seabed mineral resources.

Nordic Mining is listed on Oslo Axess with ticker symbol "NOM". 

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