Nordic Mining ASA ("Nordic Mining" or the "Company") has decided to advance the
construction works of its Engebø Rutile and Garnet Project ("the Project"), in
parallel with finalizing the remaining project financing for the Project.
Nordic Mining commenced early construction works at Engebø in April 2022,
following acquisition of the main properties, and capitalized in Q2-2022 costs
of NOK 87.9 million. Following the successful divestment and close of the sale
of the Company's stake in Keliber Oy to Sibanye Stillwater Limited for EUR 46.9
million, the Company will contribute funds from the sale to continue to advance
the construction works at its flagship Engebø Project. The advancement of early
works secures important project developments that enables optimizations of the
construction schedule.
The main construction works will be undertaken by local contractor, Sunnfjord
Industripartner AS, under the lump-sum EPC ("Engineering, Procurement and
Construction") contract signed in November 2021. The works will include
finalizing construction of the main parts of the process plant area, mine access
road and tunnel works.
In addition, Detailed Engineering will be continued by the other EPC
contractors, Åsen & Øvrelid AS, Nordic Bulk AS and Normatic, under the lump-sum
EPC contracts signed last year and earlier this year.
"Partnering with competent and local businesses within the community we operate
ensures local job opportunities and will be a catalyst for the local economy. We
look forward to continuing the development of the Engebø Rutile and Garnet
Project with the support of our local stakeholders and community", says CEO Ivar
S. Fossum.
For further information, please contact CFO Christian Gjerde, telephone +47 980
60 909 or Project Director, Terje Gundersen, telephone +47 944 36 710.
Oslo, 19 September 2022
Nordic Mining ASA
Nordic Mining ASA (www.nordicmining.com)
Nordic Mining ASA ("Nordic Mining" or the "Company") 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 project development 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 seabed minerals.
Nordic Mining is listed on Euronext Expand Oslo with ticker symbol "NOM".