TEKES - the Finnish Funding Agency for Innovation, has granted Sotkamo
Silver a possibility to additional financing with a development loan of
9,400,000 EUR.
The loan shall be used to develop an eco-friendly mine based on Best
Available Technology (BAT) and Industry Internet in module-based
process-units. One of the main aims is to take advantage of an
ore-sorter to increase material and energy efficiency.
The reservation for the loan is that Sotkamo Silver has secured full
financing for the Silver Mine project before October 31st 2015. The
loan-amount may not exceed 70% of by TEKES approved expenses.
The project will be executed in co-operation with technology providers
Outotec, ABB, Oulu Mining School at the Oulu University and Kajaani
University of Applied Sciences. The target for Sotkamo Silver is to
become the leading Nordic ”Junior Mining” company, which use Best
Available Technology and Industry Internet in production. With this
project the Company will assimilate the modern remote-control technic
for process-steering and maintenance. Consequently, the production will
give remarkable raw-material and energy-savings plus carbon footprint
reduction.
The interest-rate for the loan is one percent under a base-rate, but not
less than 1.0 %. The loan period is ten years, whereof the first five
years are grace period. Maximum 4,206,000 euro of the loan can be
written off, if the project does not show expected result.
The project belongs to TEKES - Green Mining Programme for intelligent
and minimum-impact mines. The main objective of the Green Mining
Programme is to make Finland a global leader of sustainable mineral
industry by 2020. The programme aims to achieve a world leading spirit
position in research areas such as 1) Intelligent and minimum-impact
mines and 2) New mineral resources.
TEKES is the most important publicly funded expert organisation for
financing research, development and innovation in Finland. TEKES boosts
a wide range of innovation activities in research communities, industry
and service sectors.
\"The technology to be developed in the Sotkamo Silver project, as well
as, for example, the production methods to be piloted and the
implementation concept based on the Internet of Things are a major step
towards the mine of the future. The piloting environments to be
developed during the project will also help in achieving the main aims
of the Green Mining programme, \" says Executive Director Teija
Lahti-Nuuttila from TEKES.
\"I am very pleased that we have been granted this loan possibility by
TEKES. The loan strengthens the company’s possibility to fund the Silver
Mine project. We even believe that the ore-sorter will improve the
project\'s profitability significantly, when it will be introduced in
the production after a ramp-up period”, says CEO Timo Lindborg
Stockholm, 4th August 2015
Sotkamo Silver AB
Timo Lindborg, CEO
Sotkamo Silver AB discloses the information provided herein pursuant to
the Swedish Securities Markets Act and/or the Swedish Financial
Instruments Trading Act
The official Stock Exchange Releases are given in Swedish and there may
be slight differences in the translated versions.
The Company\'s press releases and financial reports are distributed via
NGM and are available on www.silver.fi . For further information please
contact Timo Lindborg, CEO on +46-8-304920.
www.silver.fi
About Sotkamo Silver AB:
Sotkamo Silver AB´s business concept is to exploit mineral deposits in
the Nordic countries with regards to human society and environment.
Sotkamo Silver owns, through its subsidiary mineral deposits, which
contains silver and gold in Finland. The Company’s main development
project is the Silver Mine project in the municipality of Sotkamo.
Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of
reporting for public mining & exploration companies. Sotkamo Silver
has chosen to report mineral resources and ore reserves according to the
internationally accepted JORC or NI 43-101-code. The company applies
International Financial Reporting Standards (IFRS) as approved by the
European Union.
The ticker symbol is SOSI in NGM Equity in Stockholm and SOSI1 in NASDAQ
OMX Helsinki. ISIN-code for Sotkamo Silver shares is SE0001057910.
Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi
For further information: Timo Lindborg, CEO, tel. +358 40 508 3 507
