FÖRSLÖV, Sweden--(BUSINESS WIRE)--Regulatory News:
As a result of the sharp decline in the price of iron ore Northland Resources today announced that they intend to halt operations indefinitely. The purpose of this measure is in anticipation of an improved market environment, create time to continue to work to secure a long-term funding and to complete discussions with financial as well as industrial investors.
- For this reason, we will initiate a dialogue with Northland to clarify how this will affect the agreement between the parties relating to the transportation of iron ore concentrate by truck. Based on this, we will then take steps to minimize the costs of managing personnel and trucks, says Peab’s President and CEO Jesper Göransson.
Peab's overall risk exposure in the balance sheet is unchanged at SEK 260 million and consists of outstanding unsecured receivables covered by the first reorganization plan (reclassified to non-current interest-bearing receivables) and bonds secured by collateral.
Peab AB discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act.
The information was submitted for publication on 7 October 2014 at 9.20 p. m.
Peab is the Nordic Community Builder with some 13,000 employees and net sales exceeding SEK 40 billion. The Group’s subsidiaries have strategically located offices in Sweden, Norway and Finland. The share is listed on NASDAQ OMX Stockholm. The registered office of the Group is at Förslöv, Skåne in south of Sweden.
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