STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Dannemora Mineral AB (STO: DMAB):
First quarter 2014
· Net sales amounted to SEK 145.8 (88.6) million
· EBITDA amounted to SEK -11.2 (-78.6) million
· Earnings per share amounted to SEK -2.45 (-8.71)
· Cash flow was SEK 7.2 (-103.8) million
· Production of finished products remained high, amounting to 295 (171) thousand tonnes
· Average recovery rate was 40 (30) %
· The company’s financial position remained very strained
Significant events after the end of the period
· The company was granted further extensions of the due date for its bridge financing and deferrals of its interest payments.
· An update of the mineral reserve showed a fall in tonnage from 34.0 million tonnes to 29.1 million tonnes.
· Dannemora Mineral published its plans for a long-term solution to finance the investments required for profitable mining operations and to repay its bridge financing.
Dannemora Mineral AB is a mining and exploration company of which the primary activity is mining operations in the Dannemora iron ore mine. The Company intends to engage in exploration activities to increase the iron ore base locally and regionally.The Company’s most important asset is the iron deposit in the Dannemora Mine, and activity is focused mainly on the mining of this deposit at present.
The Company is listed on NASDAQ OMX First North, Stockholm, and Oslo Axess. The Company's Certified Advisor on First North is Remium Nordic AB.
The Company's independent qualified person is mining engineer Thomas Lindholm, Geovista AB, Luleå. Thomas Lindholm is qualified as a Competent Person, as defined in the JORC Code, based on education and experience in exploration, mining and estimation of mineral resources of iron, base and precious metals.
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