Interim Report January-june 2011

 | Source: Dannemora Mineral AB Dannemora Mineral AB 

 Significant events during the quarter

  * Dannemora has entered into an agreement with Bergteamet AB for ramp
    connection to the surface and pre-production development work.
  * Dannemora has contracted Sandvik Mining and Construction Sverige AB for the
    supply of mobile mining equipment. Financing is provided under an agreement
    with Swedbank Finans AB.
  *  The foundation work and steel structure for the new sorting plant was
    completed during the period and the work is proceeding according to plan.
  *  Net sales for the period January-June 2011 amounted to SEK 1.7 (14.6)
    million. Profit/loss after net financial items during the same period
    amounted to SEK -32.5 (-28.9) million. Net sales for Q2 2011 amounted to SEK
    0.9 (13.9) million, while profit/loss after net financial items was SEK
    -24.4 (-15.0) million
  *  Cash flow from operating activities for the period January-June 2011
    amounted to SEK 25.7 (-24.4) million. After cash flow from investing
    activities, SEK -280.3 (-2.4) million, and cash flow from financing
    activities, SEK 864.1 (247.0) million, total cash flow for the period was
    SEK 609.4 (220.2) million.
  *  Investments in the period January-June 2011 amounted to SEK 178.5 (7.8)
    million. Investments during Q2 2011 totalled SEK 144.9 (4.4) million.
  *  Cash & cash equivalents at 30 June 2011 amounted to SEK 922.7 (280.6)
    million.


Significant events after the end of the quarter
  * Dannemora Mineral has entered into an operator agreement with Green Cargo AB
    and a rail car leasing agreement with NACCO S.A.S. for rail transport to
    Hargshamn.
  *  An evaluation of the drilling programme which began in 2010 has resulted in
    the identification of a new mineral resource, Norrnäs 3. The new calculation
    of mineral resources, which shows an increase of approx. 2.75 million
    tonnes, is also due to the fact that iron grades of between 20 and 30
    percent have been included in the models and that a new and better density
    calculation was used.


Read the Report using the link below

[HUG#1541478]

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