Brief: Ferronordic To Further Expand Its Contracting Services Operations

Ferronordic AB

10/09/2020 13:49

Sept 10 (Reuters) - Ferronordic AB  FNMA.ST :
    * FERRONORDIC TO FURTHER EXPAND ITS CONTRACTING SERVICES
OPERATIONS
    * HAS SIGNED AGREEMENTS WITH CHERNOGORSKAYA MINING COMPANY
("CMC")
TO SUPPORT DEVELOPMENT OF A NEW PLATINUM GROUP METAL MINE SITE
IN RUSSIA'S KRASNOYARSK REGION
    * PROJECT IS EXPECTED TO RUN UNTIL END OF 2022
    * PROJECT WILL CONTRIBUTE APPROX. 5-6% OF FERRONORDIC'S
REVENUE IN
2019 IN RUSSIA/CIS DURING 2021 AND 2022.
    * FERRONORDIC WILL ASSUME ROLE OF GENERAL CONTRACTOR FOR
PROJECT
    * DUE TO UPFRONT CAPITAL EXPENDITURE AND WORKING CAPITAL
INVESTMENTS, INCREMENTAL CASH FLOWS WOULD BE NEGATIVELY IMPACTED
IN 2020 BUT EXPECTED TO TURN POSITIVE IN 2021

Source text for Eikon:  ID:nWkrbm4GKs 
Further company coverage:  FNMA.ST 

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