Vis børsmeldingen
presentation and Q&A session will be held in English and transferred via
webcast. You will have the opportunity to post questions online throughout the
webcast session. The webcast will be available on:
https://channel.royalcast.com/landingpage/hegnarmedia/20240827_6/
Summary of important events in the second quarter of 2024:
· The Company reported NOK 385.1 million in capitalized costs related to the
construction of the Engebø Project in the second quarter, compared to NOK 543.2
million in the first quarter of 2024. The Company’s consolidated carrying amount
for Mine under construction and Property, plant and equipment was NOK 2.3
billion as of 30 June 2024.
· The Company continued construction of the Engebø Project in the second
quarter as mechanical, piping electrical and instrumentation installations
progress to the completion. Majority of the remaining critical lifts were
executed in the Process and Product storage areas during August.
· No lost time injuries (“LTI”) have been registered at the Engebø Project
site during the second quarter of 2024.
· The Company entered into a 5-year mining alliance agreement with Sunnfjord
Industripartner AS to deliver mining services for the open-pit operations to be
commenced in parallel with production ramp-up.
· Second and third wave of recruitment for operations has been successful. The
Operational team now has a total headcount of 71 persons with 29 of these
onboarding in September.
· In May the Company completed the second release of USD 30 million from the
bond Escrow account that holds the proceeds from the issuance of the USD 100
million senior secured bond. The release was another important milestone for the
Engebø Project as the independent engineer appointed on behalf of the
bondholders confirmed for a second time that a cost-to-complete test had been
satisfied. The third-party assessment of the Company’s projections asserts that
the Engebø Project has sufficient funding and will be completed on time.
· The robustness of the guided project economy continued to improve in the
second quarter of 2024 with the second release from the bond Escrow account,
stronger exchange rates and solid progression on the construction of the project
during the quarter.
Subsequent to quarter end, the Company has decided to seek to transfer the
current listing on Euronext Expand to Oslo Børs.
Partnership with Barton Group
The Company is pleased to announce that Barton Group is the previously
undisclosed partner of the globally exclusive offtake agreement, announced 16
January 2023, for the full planned garnet production from Engebø for the first 5
years of production. The Barton Group is a family-owned company that has
produced the world’s highest quality garnet abrasives for seven generations.
Barton Group has an existing sales and marketing organization which covers the
important markets of North America, Europe and Asia. The garnet from Engebø will
be co-branded with Barton Group and Nordic Mining on the packaging, establishing
the Nordic Mining brand in the Garnet trade.
“We are very pleased with the cooperation with our offtake partner Barton. The
strength and integrity of the Barton name in the global garnet industry will
strongly support our entrance as a new long-term supplier of high-quality
garnet” Ivar S. Fossum, CEO Nordic Mining ASA.
“Barton is very pleased to establish a long-term partnership with Nordic Mining
and we look forward to introducing high-quality Nordic Garnet to the world” R.
Randolph Rapple, CEO Barton Group.
Oslo, 27 August 2024
Nordic Mining ASA
Nordic Mining ASA (“Nordic Mining” or the “Company”) (www.nordicmining.com) 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 construction project at Engebø on the
west coast of Norway where the Company has rights and permits to a substantial
eclogite deposit with rutile and garnet. In addition, Nordic Mining holds
interests in other initiatives at various stages of development. This includes
patented rights for a new technology for production of alumina and exploration
of high purity quartz.
Nordic Mining is listed on Euronext Expand with ticker symbol “NOM”.
Kilde
