105 times viewed.Monday, 25 Mar 2013
Northland Resources SA announces its seventh bi-monthly operational and construction update on the Kaunisvaara project.
During this period, January 24th 2013 to March 22nd 2013, Northland has amongst other things shipped its first iron ore concentrate to end customer TATA Steel.
1. First shipments of concentrate left the Port of Narvik on February 25, 2013
2. The first Kaunisvaara process line in hot commissioning/production
3. Logistics chain proven solid and is operating as planned
4. The permanent storage building in Narvik has been completed and is operational. The building can store up to 210,000 tonnes of iron ore concentrate and is a vital part in the efficient loading of the Company’s product
5. The Company plans to produce 1.5 dry million tonne in 2013 and to reach the production capacity of 4.0 dry million tonne per annum\ at the beginning of third quarter of 2014
Due to the current financial situation and the ongoing reorganization of Northland’s three Swedish subsidiaries, the Company has as a first step, re-phased its capital investment program to a level to better meet its current cash flow.
The Company has agreed with its bondholders for additional short-term funding to maintain the present operations. The assessment is that this re-phasing will not have any material impact on the Company’s long term production plan.
Source - Northland Resources SA
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