Northland Resources S.A. also known as Northland is a publicly traded exploration and development mining company. It currently focuses on iron ore bearing properties located in the northern regions of Sweden and Finland.
The company currently had two principal projects that are inactive: the Kaunisvaara iron concentrate project in Sweden, and the Hannukainen
(IOCG) project in Finland. The projects are primarily located within the
Pajala
Pajala () is a locality and the seat of Pajala Municipality in Norrbotten County, Sweden, with 1,958 inhabitants in 2010. It is located in Swedish Lapland.
Pajala is in the Torne Valley and was dominated by people speaking a Finnish dialect until ...
shear zone, in the northern
Baltic Shield
The Baltic Shield (or Fennoscandian Shield) is a segment of the Earth's crust belonging to the East European Craton, representing a large part of Fennoscandia, northwestern Russia and the northern Baltic Sea. It is composed mostly of Archean and ...
(also sometimes called the ''Fennoscandian shield'' ).
The company declared bankruptcy Dec. 8, 2014.
Development stage projects
The
Kaunisvaara Kaunisvaara is a village in northern Sweden, in Pajala Municipality, 100 km north of the Arctic Circle.
Mining
There are large magnetite ( iron ore) deposits in this area; Northland Resources began constructing the first mine in December 20 ...
Project is the Company's first development project. It is located in Sweden and is expected to be a near-term producer of high-grade iron ore concentrate, consisting of 69%
Fe. Mining began in the first quarter of 2012, with the first shipment of iron ore concentrate to market in February 2013. The operation is expected to yield 5 million tonnes per year of iron ore concentrate. A plan to finance further exploration and failed, however, on February 4. Following the failure to place bonds and equity, the project and the whole company Northland Resources are expected to go bankrupt. The Swedish subsidiary of the Norwegian Mining Company Northland, Northland Sweden AB, which consists of the Kaunisvaara Mine, filed for bankruptcy on Friday 8th 2013. The parent Company Northland Resources which is listed on the Oslo Exchange is, however, still operative.
Northland has pre-sold 100% of the Kaunisvaara production via off-take contracts, which will last for at least the first seven years of operation. The Company released a Definitive Feasibility Study on the Kaunisvaara Project in September 2010. The Study was updated in May 2011.
The second development project in line is the Hannukainen project in Finland. A Definitive Feasibility Study on Hannukainen has commenced and is expected to be completed at the end of 2011.
History
* 1997: Company listed on TSX Venture Exchange as North American Gold Inc. (NAU)
* 2003: Commenced conducting business in Sweden
* 2005: Changed name to Northland Resources Inc.
* 2008: Company's shares were graduated from the TSX Venture Exchange to the TSX
* 2010: Re-domiciled under the laws of Luxembourg on January 18, 2010 and changed name to Northland Resources S.A.
* 2014: Filed for bankruptcy and trading of shares suspended
References
{{Authority control
Iron ore mining companies
Companies listed on the Oslo Stock Exchange
Metal companies of Luxembourg