Nordic Mining, through its subsidiary Engebo Rutile and Garnet AS, has deducted USD 30 million from the bond loan totalling USD 100 million.

This first move from the bond loan is an important milestone for the Engebo project as it shows that the project development is on track. The drawdown requires that Nordic Mining's project implementation be audited by an external and independent technical advisor. The audit confirms that the Engebo project has sufficient funding and will be completed on time. A similar audit was carried out when Nordic Mining was paid USD 50 million from the royalty financing agreement.

Start-up of production is expected in the fourth quarter of 2024, while first revenues are expected during the first quarter of 2025.

Important milestone

This drawdown is a milestone and confirms that the Engebo project is fully funded and is on schedule towards completion. The progress of our construction activities is progressing according to plan, and we are continuing to build up our operations organisation. We are preparing to start production in the fourth quarter,' says Ivar S. Fossum, CEO of Nordic Mining.

The project has reached several milestones in the first weeks of 2024: Acquisition of surfaces in the administration and workshop buildings for the installation of equipment and solutions for the control room, laboratory and workshop.

Completion of concrete foundations in the primary crushing chamber and start-up of mechanical installation.

Start of installation of cable trays in the primary crushing chamber, crushing and wet processing plants.

Mechanical installation has started in the dry processing plant.

Completion of mechanical installation of pumps in the wet system, which allows the start of pipe installation and construction of the second level of the plant and preparation for the installation of equipment for the wet process circuit.

Contact:

Email: post@nordicmining.com

Web: www.nordicmining.com

(C) 2024 Electronic News Publishing, source ENP Newswire