In Dannemora Mineral`s interim report for the third quarter of 2011, the Company announced that additional investments of SEK 120 million in new, safer and more efficient ramp systems in the Dannemora iron ore mine had been approved. The report also announced increased costs of SEK 22 million related to consulting support in the Company`s investment project and an increase in tied-up working capital of SEK 20-30 million due to the construction of a quality assurance store over in Hargshamn.
Since then the Company has been actively working to reduce the need for additional financing. This has led to shifts in non-time-critical investments and various measures to free up working capital.
The fact that Dannemora`s investment project has progressed without disruption or cost overruns and the production start-up date will be met also means the Company will quickly arrive at a situation of positive cash flows.
It is Dannemora Mineral`s assessment that the Company`s additional capital requirement for financing the Dannemora iron ore mine in the period until a positive cash flow is achieved amounts to approx. SEK 100 million. The Company does not expect this need for additional financing to arise until some time after commercial operation has started at the Dannemora iron ore mine.
Dannemora Mineral also believes that the capital requirement should be funded by equity. Consequently, Dannemora Mineral plans to implement a new share issue of approx. SEK 100 million sometime during the next 6-month period, when the capital market is considered beneficial. The new share issue is likely to be implemented without preferential rights for existing shareholders
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Press release 21 Februrary 2012
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Source: Dannemora Mineral AB via Thomson Reuters ONE
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2012年2月21日星期二
2012年1月15日星期日
’11 investments up 4%: DTI
The regional office of the Department of Trade and Industry (DTI) reported a four percent increase on new fresh investments last year compared with 2010 which attributed to its investment promotion and financing facilitation activities.
Marizon Loreto, regional director of DTI-XI, said on Friday during the Kapehan sa PIA that new investments last year hit P10.998 billion while the record showed investments in 2010 were worth P9.950 billion.
“Several projects were approved and in place as results of DTI-XI’s initiatives,” Loreto said, pointing out that among the initiatives were the investment facilitation, investment matching and financing facilitation.
The agency’s field office in Davao Oriental, for instance, conducted the annual business name registration caravan in key municipalities and institutionalized the Local Economic and Investment Promotion Officers Network.
The Mati City government also revised its investment incentive code.
The DTI office in the province report about P593.356 million of total investments was generated the previous year, mostly from the industries involved on mining and coconut.
Last year, one of the top investments was the P25 billion coal-fired power project in between Davao City and Davao del Sur of Therma South Inc., a subsidiary of Aboitiz Power Corp., that could generate 300 megawatts of energy.
The tile firm-Nakayama Technology Corp. in Digos City, Davao del Sur has poured in an additional of P80 million worth of investments to venture into the production of modular kitchen facilities and accessories as its new product line.
Some projects are also expected to be on the ground this year from the investment leads in 2011 that amount to P4.982 billion. Those are the projects involved on coconut products, housing, palm oil, convention center, agriculture, Hijo resources and energy.
Edwin Banquerigo, provincial director of DTI-Davao del Sur, said two different companies already showed an intention to establish solar projects. The Phil-New Energy, for instance, has eyed to invest around P7 billion for the establishment of a 35-megawatt solar power plant.
“It would be the biggest solar project in the country once the firm would finally pursue its plan,” he said. The proposed plant is a joint project of Ayala Corp. and Mitsubishi Corp. that would be established in Darong, Sta. Cruz, Davao del Sur.
The other proposed project is the solar power plant of Inifinity, a Chinese corporation that will be using a Belgian technology. The firm plans to set up a solar power plant in Hagonoy, Davao del Sur that could generate around 20 megawatts with an investment of P3 billion.
Marizon Loreto, regional director of DTI-XI, said on Friday during the Kapehan sa PIA that new investments last year hit P10.998 billion while the record showed investments in 2010 were worth P9.950 billion.
“Several projects were approved and in place as results of DTI-XI’s initiatives,” Loreto said, pointing out that among the initiatives were the investment facilitation, investment matching and financing facilitation.
The agency’s field office in Davao Oriental, for instance, conducted the annual business name registration caravan in key municipalities and institutionalized the Local Economic and Investment Promotion Officers Network.
The Mati City government also revised its investment incentive code.
The DTI office in the province report about P593.356 million of total investments was generated the previous year, mostly from the industries involved on mining and coconut.
Last year, one of the top investments was the P25 billion coal-fired power project in between Davao City and Davao del Sur of Therma South Inc., a subsidiary of Aboitiz Power Corp., that could generate 300 megawatts of energy.
The tile firm-Nakayama Technology Corp. in Digos City, Davao del Sur has poured in an additional of P80 million worth of investments to venture into the production of modular kitchen facilities and accessories as its new product line.
Some projects are also expected to be on the ground this year from the investment leads in 2011 that amount to P4.982 billion. Those are the projects involved on coconut products, housing, palm oil, convention center, agriculture, Hijo resources and energy.
Edwin Banquerigo, provincial director of DTI-Davao del Sur, said two different companies already showed an intention to establish solar projects. The Phil-New Energy, for instance, has eyed to invest around P7 billion for the establishment of a 35-megawatt solar power plant.
“It would be the biggest solar project in the country once the firm would finally pursue its plan,” he said. The proposed plant is a joint project of Ayala Corp. and Mitsubishi Corp. that would be established in Darong, Sta. Cruz, Davao del Sur.
The other proposed project is the solar power plant of Inifinity, a Chinese corporation that will be using a Belgian technology. The firm plans to set up a solar power plant in Hagonoy, Davao del Sur that could generate around 20 megawatts with an investment of P3 billion.
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