Northland Resources to ship first ore in February
TORONTO (miningweekly.com) – Toronto-listed iron-ore miner Northland Resources announced on Wednesday the company would start loading its first vessel with high-grade iron-ore from its Kaunisvaara mine, in Sweden, on February 9, for shipment to end-customer and partner Tata Steel UK, in the Netherlands.
Northland's first shipment from the Port of Narvik is fixed for loading of 40 000 t of high-grade iron-ore concentrate. The results of analyses had confirmed the quality of the ore met and exceeded the specifications, with the iron content above the expected 69%.
The ore would be shipped by MV Star Norita to Tata Steel in the Netherlands, where the product would be used in their pellet plant.
The first shipment to Tata would be followed by regular shipments to customers in Europe, the Middle East and the Far East.
Total shipments this year are expected to amount to 1.5-million tons, increasing to a rate of about four-million tons a year, or 350 000 t/m by the third quarter of 2014.
The company recently extended the subscription period until February 4, for a $250-million equity issue and a $125-million tap issue on its existing $350-million bond to fund capital and operating expenditure related to the Kaunisvaara project and the associated logistics chain, as well as for general corporate purposes, which included the Hannukainen project, in Finland, and transaction costs.
The company’s Toronto-listed stock rose 27.59% to 18.5 Canadian cents apiece on Wednesday.
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