Northern Iron shares tumbles on production warning
PERTH (miningweekly.com) – ASX-listed Northern Iron has warned shareholders that concentrate production from its Sydvaranger project, in Norway, would be lower in the current quarter than the expected 550 000 t, owing to mechanical issues.
The miner reported on Wednesday that following recent maintenance work to repair a manufacturing fault at the Sydvaranger project, the mill experienced a radial bearing failure that resulted in unplanned downtime.
The project experienced a four-week unplanned outage of its primary mill during the September quarter of 2011, as the primary mill was operating outside of its design tolerances.
Northern Iron had been planning rectification work with the supplier for the past 18 months, and a three-day planned shutdown was scheduled for May 13 to permanently repair the defect.
The mill was successfully restarted on May 16, and returned to normal production rates. However, at the start of this week, the mill experienced a radial bearing failure, which would take a further two weeks to repair, Northern Iron said.
The company told shareholders that it was working with the supplier to identify and fix the root cause of the failure, and to bring the mill back into operation as soon as possible.
The company’s shareholders responded negatively to the news, with share prices tumbling nearly 30%, to trade at a low of 14c a share.
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