Nordic Mining’s interim report per 30 September 2015
Enclosed please find Nordic Mining’s interim report for the third quarter 2015.
Important events in the third quarter and YTD 2015, as well as subsequent events (*):
Approved industrial area plan and discharge permit for the Engebø rutile project
On 17 April 2015, the Ministry of Local Government and Modernisation approved the industrial area plan for the Engebø rutile project. On the same date, a discharge permit for the project was granted by the Ministry of Climate and Environment. Two appeals related to the discharge permit are being considered by the King-in-Council. The EFTA Surveillance Authority has been asked to consider complaints against Norway related to the European Water Framework Directive. In Nordic Mining’s view neither the appeals nor the complaints are expected to affect the granted permits.
Substantially oversubscribed Rights Issue completed (*)
A Rights Issue of 77,000,000 new shares was completed 26 October 2015 at a subscription price of NOK 0.45 per share. The issue was 56% oversubscribed. Gross proceeds from the issue were NOK 34.65 million.
Managing Director appointed for Nordic Rutile (*)
Thomas B. Addison has been appointed as Managing Director for Nordic Rutile AS. Addison will manage and coordinate the development of the Engebø rutile project, including activities related to the upcoming pre-feasibility study. Addison, a mining engineer from The Norwegian University of Science and Technology (“NTNU”), has extensive experience from development and operation of several mines and processing plants in Norway.
Drilling completed at the Kvinnherad quartz deposit (*)
Nordic Quartz has completed a drilling program at the High Purity Quartz deposit in Kvinnherad. The preliminary results show that massive quartz (more than 90% quartz) and transitional quartz (25 – 90% quartz) were intersected in all of the 6 drill holes.
Good progress for Keliber’s pre-feasibility study
Keliber completed a rights issue in June/July 2015 with gross proceeds of EUR 0.6 million. Nordic Mining participated pro-rata to its c. 25% shareholding. Process optimisation test work, cost and capex estimations and environmental impact assessments are ongoing. A pre-feasibility study including preliminary project financials is under preparation.
New initiative for submarine mineral investigations
Nordic Ocean Resources together with NTNU and other industrial and research-oriented parties will carry out a comprehensive research project on marine mineral resources, “MarMine”, with up to NOK 25 million in financial support from the Norwegian Research Council. The project will include an exploration cruise on the Mid-Atlantic Ridge in 2016, mineral sampling, analyses and process test work.
For further information please contact CFO Lars K. Grøndahl, telephone +47-901 60 941.
Oslo, 13 November 2015
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.
Through the subsidiary Nordic Rutile AS, Nordic Mining is undertaking a large-scale project development at Engebø in Sogn and Fjordane where the Company has rights to a substantial eclogite deposit with rutile and garnet. Permits for the project were granted by the Norwegian government in April 2015. Nordic Mining has rights for exploration and production of high-purity quartz in Kvinnherad in Hordaland and develops the project through its subsidiary Nordic Quartz AS. Nordic Mining’s associated company Keliber Oy in Finland plans to start mining of lithium bearing spodumene and production of lithium carbonate. Nordic Mining holds exploration rights on the Øksfjord Peninsula in Troms and Finnmark where the Company has discovered a prospective area of sulphide mineralisation. Through the subsidiary Nordic Ocean Resources AS, Nordic Mining is exploring opportunities related to seabed mineral resources.
Nordic Mining is listed on Oslo Axess.