Northland Signs Agreement with Metso for Long-Lead Items and Basic Engineering for the Kaunisvaara Project
Frankfurt: NPK - "Northland" or "the Company") is pleased to announce that
today, an agreement between Northland and Metso (Sweden) AB was signed for the
long-lead items for the Tapuli process line and basic engineering for the
Process Plant System for the Kaunisvaara Project. The agreements were signed in
Helsinki by Karl-Axel Waplan, President & CEO of Northland and Andrew Benko,
President of Metso Mining and Construction Technology.
The parties have also signed a LOI declaring the intention to enter into a
contract covering all works related to the Process Plant System in accordance
with the DFS presented in September last year, but with the exception of the
building structure and related civil work. The plan is to finalize this contract
within a month.
"This is one of the key agreements for the Kaunisvaara Project. The access to
long-lead items is of key importance to the Project. With this agreement and the
LOI in place, we will be able to keep our project schedule," stated Karl-Axel
Waplan, President & CEO of Northland Resources S.A. "We believe that Metso's
experience in Iron Ore processing globally as well as in the region and the
proposed local service and maintenance organisation in Kaunisvaara will give us
significant benefits and substantially reduce the construction risks for
Northland going forward."
The initial equipment long lead-time order includes a primary gyratory crusher,
an autogenous grinding mill and three vertical grinding mills. The delivery is
scheduled for the second quarter of 2012.
The Kaunisvaara Iron Ore Project is located in Northern Sweden, approximately
100 km north of the Arctic Circle, in the municipality of Pajala. After the
completion, the annual capacity of the process plant will be 12 million tonnes
of dry iron ore and 5 million tonnes of iron ore concentrate.
Northland Resources is a development-stage mining company with a portfolio of
iron ore projects in Northern Sweden and Finland. The company's Kaunisvaara
Project will exploit magnetite iron ore deposits, feeding a single, multi-line
processing facility in Sweden. The process yields a very high-grade, high-
quality magnetite iron concentrate. The Company is also preparing a Definitive
Feasibility Study for the Hannukainen Iron Ore Copper Gold (IOCG) Project in
northern Finland.
Metso is a global supplier of sustainable technology and services for mining,
construction, power generation, automation, recycling and the pulp and paper
industries. Metso has about 28,500 employees in more than 50 countries.
www.metso.com
For more information, please contact:
Anders Hvide, Executive Chairman: 47 92 88 98 58
Karl-Axel Waplan, President and CEO: 46 705 104 239
Peter Pernlöf, VP Procurement and Energy: 46 702 202 700
Marguerite Manshreck-Head, Investors Relations, Canada: 1 647 224 7882
Or visit our website:www.northland.eu
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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Source: Northland Resources S.A. via Thomson Reuters ONE
[HUG#1489523]
Unternehmen: Northland Resources S.A. - ISIN: LU0488722801