Northland Announces Nominees to the Board
Luxembourg, May 31, 2013 – Northland Resources S.A. (OSE: NAUR, Frankfurt: NPK, Nasdaq OMX/First North: NAURo – together with its subsidiaries “Northland”, “NRSA” or the “Company”) announces the nominated Directors to the Board of Northland Resources S.A. The prosed Directors have been nominated by the consortium, consisting of Folksam, Metso Corporation, Norrskenet AB and Peab AB (“The Consortium”), and other investors investing in the new first lien bond and by the holders of the existing USD 370 million Bond in accordance with the new Bond Offering terms announced in a press release dated May 29, 2013.
All members to be nominated will be invited and accepted as observer members at each Northland Board meeting from the Settlement Date of the Bond Offer until these nominated members are appointed by Ordinary Board Members.
The Northland Board has agreed to make its best effort, within all relevant legal framework, to vote in favour of and act in accordance with the advice put forward by the board members nominated.
The Consortium Tranche A and Peab/Metso proposes:
• Mr. Olav Fjell: Mr. Fjell has a strong background from various relevant positions such as CEO of Statoil ASA, Chairman of the Board of the Norwegian State Railways (NSB) and most recently as CEO of Hurtigruten ASA. Mr. Fjell is also a board member of Swedbank AB and COB of Statkraft. He has previously been a Senior Partner at First Securities. Mr. Fjell is Siviløkonom from the Norwegian School of Economics in Bergen.
• Ms. Elisabeth Nilsson: Ms. Nilsson is Governor in Östergötland County, appointed by the Government of Sweden. She was previously President of Jernkontoret (Swedish Steel Producers’ Association). Ms. Nilsson has served for many years as an executive in the steel industry, most notably for SSAB, including being General Manager of the Metallurgy Division. Ms. Nilsson is a Board member of Outokumpu. Ms. Nilsson holds a M.Sc. in Minerals and Mining Engineering from Luleå University of Technology.
• Mr. Olli Vaartimo: Mr. Vaartimo is on the Board of Directors of Outokumpu, where he is also Chairman of the Audit Committee, and he has previous experience as CFO of Metso Corporation in the period 2003 to 2011. Mr. Vaartimo has held various other executive positions within the Metso Corporation, including the position as acting President and CEO, as well as President and CEO of Metso Minerals. In addition, he also has 10 years of operational experience from the mining and construction business. Mr. Vaartimo holds a M.Sc. in Economics and Business Administration from Helsinki School of Economics.
• Mr. Lars Stefan Månsson: Mr. Månsson has extensive experience from mining and processing and he has held a range of executive and operational positions with companies such as Lundin Mining, Zinkgruvan Mining and Statsgruvor AB. Mr. Månsson holds a M.Sc. in Mining and Metallurgy from the Royal Institute of Technology.
The new bondholders of Tranche A proposes:
• Ms. Sissel Danielsen: Ms. Danielsen is currently the CFO of Store Norske Spitsbergen Grubekompani, the Norwegian State’s coal mining company based on Svalbard, where she has held a range of executive positions. Ms. Danielsen holds a MBA from the Norwegian School of Management in Bergen.
The holders of the USD 370 million bond proposes:
• Mr. Leif Chr. Salomonsen: Mr. Salomonsen is a founding partner of Recore, a firm specializing in turnarounds and restructurings. Mr. Salomonsen has extensive experience as a business executive and a long track record of completing turnarounds for industrial companies. He has also held positions with Norsk Hydro and British Petroleum. Mr. Salomonsen holds a B.Sc. in Offshore Engineering from the Heriot-Watt University and has completed various programs at the Norwegian School of Management and IMD.
• Mr. Runar Nilsen: Mr. Nilsen is founding partner of Recore, a firm specializing in turnarounds and restructurings, and he has extensive experience from turnaround situations of large and medium sized public and private companies. He has also held Executive positions in the Moller Group. Mr. Nilsen holds a B.Sc. in Business Management from the Norwegian School of Management in Oslo and has completed an Executive Program at Columbia Business School, New York.
For these Directors to be appointed, Northland will hold an Extraordinary General Meeting (“EGM”) on June 28, 2013, in Luxembourg. The previously announced EGM to be held on June 4, 2013, has been cancelled.
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[ON BEHALF OF THE BOARD]
President & CEO, Northland Resources S.A.
For more information, please contact:
Karl-Axel Waplan, President and CEO: +46 705 104 239
Eva Kaijser, CFO, +46 709 320 901
Petter Brunnberg, Investor Relations: +46 727 24 41 09
Or visit our website: www.northland.eu
Northland is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland. The first construction phase of the Kaunisvaara project is complete and production ramp-up started in November 2012. The Company expects to produce high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company expects to exploit two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has entered into off-take contracts with three partners for the entire production from the Kaunisvaara project over the next seven to ten years. The Company is also preparing a Definitive Feasibility Study (“DFS”) for its Hannukainen Iron Oxide Copper Gold (“IOCG”) project in Kolari, northern Finland and for the Pellivuoma deposit, which is located 15 km from the Kaunisvaara processing plant.
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