Nordic Mining: Har penger til midten av oktober

Nordic Mining, a Norwegian mining company, recently announced they were working to secure $10-15 million (94-141 million Norwegian Kroner) to continue operations until November. Now, their subsidiary Engebø Rutile and Garnet AS has agreed on a temporary financing solution of $7.5 million from bondholders. They anticipate this will keep the company afloat until mid-October.

The company states this solution involves expanding an existing loan of $30 million on indefinite terms, but they will only receive 25% of this amount in cash, equivalent to $7.5 million. Nordic Mining has also received extensions on debt repayments until October 15th. The stock rose shortly after the announcement on Monday afternoon, but then fell back down.

As of around 1 pm, the stock is quite flat for the day. Nordic Mining's stock is still down 89% for the year. The Supreme Court ruled in the summer that the state's discharge permit for waste disposal in Førdefjorden was invalid. The company has continued to operate the Engebø mine in anticipation of the state's processing of a request for a temporary discharge permit.

The Supreme Court recently advised the government to grant a three-year permit. The environment directorate recently advised the government to give a three-year permit. Nordic Mining wrote that production at the Engebø mine has continued in August with solid production volumes for both rutile (titanium dioxide) and garnet, in line with the company's recently announced updated plans. The company also hired a team from consulting firm Hatch to assist in further resuming operations.