Nordic Mining ASA
OSE:NOM
Nordic Mining ASA
Nordic Mining ASA engages in the exploration, extraction, and production of industrial minerals and metals. The company is headquartered in Oslo, Oslo. The company went IPO on 2007-09-14. The firm carries out project development activities related to anorthosite in Gudvangen in the Sogn og Fjordane region, Norway, as well as in Engebofjellet in Sogn og Fjordane, where it also has rights to deposits of rutile and garnet. Nordic Mining ASA has established cooperation with the Department of Geology and Mineral Resources Engineering at the Norwegian University of Science and Technology in Trondheim (NTNU) and the Norwegian Geological Survey (NGU). The agreement enables the Company to carry out mapping and prospecting activities for mineral and metal deposits in Norway. The firm is operational mainly in the Nordic region, through a number of subsidiaries, which include Keliber Oy, Nordic Mining America, Inc., Gudvangen Stein AS and Nordic Rutile AS.
Nordic Mining ASA engages in the exploration, extraction, and production of industrial minerals and metals. The company is headquartered in Oslo, Oslo. The company went IPO on 2007-09-14. The firm carries out project development activities related to anorthosite in Gudvangen in the Sogn og Fjordane region, Norway, as well as in Engebofjellet in Sogn og Fjordane, where it also has rights to deposits of rutile and garnet. Nordic Mining ASA has established cooperation with the Department of Geology and Mineral Resources Engineering at the Norwegian University of Science and Technology in Trondheim (NTNU) and the Norwegian Geological Survey (NGU). The agreement enables the Company to carry out mapping and prospecting activities for mineral and metal deposits in Norway. The firm is operational mainly in the Nordic region, through a number of subsidiaries, which include Keliber Oy, Nordic Mining America, Inc., Gudvangen Stein AS and Nordic Rutile AS.
Operational Challenges: Nordic Mining faced technical issues at its new plant, particularly in maintaining continuous operation and reliability in the dry plant, leading to low production volumes despite meeting product quality specs.
Expert Assistance: The company brought in on-site expertise from partners and customers, including Barton Group and Iwatani Group, to address process bottlenecks and improve operational stability.
Production Ramp-Up: Throughput and operational time in the mill have increased, with 70% operation time recently achieved, but full design capacity and stable output are targeted towards the end of Q2 next year.
Financial Position: Limited revenue was reported due to only one small garnet shipment; negative cash flow from operations was NOK 94 million, but liquidity was boosted by raising USD 22.5 million via a bond tap.
Legal Proceedings: A court case seeking an injunction on mining operations took place; management is positive about the outcome, with a verdict expected around November 10.
Market Conditions: Rutile prices were flat in 2024 after declines in previous years, with demand remaining strong. Garnet prices are fixed for five years amid tight market conditions in Europe and North America.
Production Reporting: Quarterly production statistics will now be published to provide better transparency on ramp-up progress.
