e24.no/boers-og-finans/kvartalsresultater/northland-resources-minsket-tapene/20339205
Original Taxt:
Det kriserammede gruveselskapet Northland Resources klarte å redusere tapene på bunnlinjen i 2012.
Etter skatt tapte selskapet 18,95 millioner dollar i fjor, sammenlignet med 46,55 millioner i 2011.
Bedringen kommer blant annet av en nettofinansinntekt på 24,5 millioner dollar.
Gruveselskapet har havnet i en akutt pengekrise etter at kostnadsanslagene for å bygge ut Kaunisvaara-gruven i Nord-Sverige viste seg...
Komplette englische Übersetzung:
The crisis-ridden mining company Northland Resources managed to reduce losses to the bottom line in 2012.
After tax, the company lost $ 18.95 million last year, compared to 46.55 million in 2011.
The improvement in part by a net income of $ 24.5 million.
The mining company has landed in an acute monetary crisis after cost estimates for developing Kaunisvaara mine in northern Sweden proved to be overly optimistic.
After the company reported that both operating and capital costs were much higher than previously announced, the stock sank like a stone.
The company has applied for bankruptcy protection for its Swedish operations, and has been taken by the Toronto Stock Exchange.
Northland's shares are up 20 percent on the Oslo Stock Exchange on Tuesday.
- The main focus now is to solve liquidity problems, improve the logistics chain and reach full production in 2014, writes CEO Karl-Axel Waplan the annual report.
According to the accounts they had at the end of the year $ 53.7 million in cash. In early 2011 the stock at $ 251 million.
Fundraising Cancelled
North Country Resource Intraday
Course date: 02/25/2013 Time. 16:300.55
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In January amazed Northland Resources market that they needed more money.
According to the company there was a need for almost 2.4 billion to finalize utbyggignen of ore mine in Kaunisvaara in northern Sweden.
Company fortklarte the unexpected demand that the operating costs around the start of the mine is greater than planned investment amount is higher and the price of iron ore is lower than projected.
- The iron ore is on the way
Northland Resources announced Monday night that the first shipment of iron ore have already left the port of Narvik.
The ship Star Norita said to have left Narvik on 25th February with about 55,000 tonnes of iron ore, the company said in a statement.
North Country uses preliminary midliertidige facilities in Narvik harbor but has a large construction project going on at Fagernes terminal.
The news sent shares in a dramatic downward spiral in the stock market. The stock fell by double-digit percentage amounts over several days.
Seeking cover from creditors
The mining company announced on 8 February that they have sought bankruptcy protection for its Swedish operations, not unlike the famous American law known as Chapter 11
On Friday the company meets creditors in court in Luleå to present their proposals for restructuring and future operations.
According to the company the decision was taken for bankruptcy protection because of low liquidity and to give the company the opportunity to finalize negotiations on a long-term financing.
Northland At the end of the year invested more than $ 900 million in Kaunisvaara project in northern Sweden.
The company said in connection with the application for bankruptcy protection that they have received additional 39 million of the bond holders to operate until 4 March.
It is expected that a financial solution is expected by that time.
Northland has entered into a transfer agreement with the railway company Green Cargo to transport iron ore from mines in Sweden to Narvik harbor via Ofotbanen.
A representative for Green Cargo stated the E24 that ore transport continues until further notice.