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DOTZ NANO LIMITED — Capital/Financing Update 2011
Nov 20, 2011
64794_rns_2011-11-20_4181e8d0-1ecc-4ae3-9628-fd702d224626.pdf
Capital/Financing Update
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Long Term Offtake Contract Signed with TATA Steel Europe
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NORTHERN IRON LIMITED (ASX:“NFE” “Company”) Company Update – Financing and Operations
21 October 2011
Financing
Northern Iron Limited (NFE) is pleased to advise that it has accepted an offer from DnB Bank, Norway’s largest commercial bank, for an additional tranche of US$9.0m available under the Company’s pre-existing six-year term debt facility. When drawn, the total principal outstanding under the term facility will be US$27.5m.
Operations
The Sydvaranger project has completed a planned six day maintenance shut on the primary mill on schedule, and concentrate production rates have resumed at the improved levels achieved in October and early November. NFE remains confident that its full year production guidance of between 1.45-1.55 Mt of dry concentrate remains achievable.
NFE is continuing to implement cost reduction initiatives in response to recent price iron ore price movements and expects to achieve an operating cash cost of between USD 65 – 75 / dmt in Q4 2011.
For and on behalf of the Board.
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John Sanderson Managing Director / CEO
For enquiries please contact:
John Sanderson Managing Director / CEO Ph: +47 9240 1251 [email protected]
Tony Beckmand Chief Financial Officer Ph: +61 447 453 000 [email protected]
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Northern Iron Limited ABN 71 125 264 575