Brief: Nordic Mining Sees Existing Working Capital Sufficient To Fund Operations In 2020 And Well Into 2021

Nordic Mining ASA

31/03/2020 08:58

March 31 (Reuters) - Nordic Mining ASA  NOMIN.OL :
    * COMPANY UPDATE: ADEQUATELY FINANCED WELL INTO 2021
    * WILL ADJUST PROGRESS PLANS AND REVIEW ENGEBØ RUTILE AND
GARNET
PROJECT
    * BASED ON CURRENT FORECASTS AND ADJUSTED WORK PLANS, NORDIC
MINING ESTIMATES THAT EXISTING WORKING CAPITAL IS SUFFICIENT TO
FUND OPERATIONS IN 2020 AND WELL INTO 2021
    * PURPOSE TO INCREASE ITS RESILIENCE TO ALTERED MARKET
CONDITIONS
    * ADJUSTMENTS IMPLY THAT FEED (FRONT-END ENGINEERING AND
DESIGN)
AND PROJECT FINANCING ACTIVITIES WILL BE DELAYED
    * BLASTING SEGMENT IS ADDITIONALLY AFFECTED FROM RECENT
SUBSTANTIAL REDUCTION IN OIL PRICE
    * TIME SCHEDULE FOR PROJECT CONSTRUCTION WILL BE AFFECTED.
    * EXPECTS RUTILE TO BE IN RELATIVELY STRONG DEMAND GOING
FORWARD
    * SUPPLY FROM EXISTING RUTILE PRODUCERS IS EXPECTED TO BE
CONTINUOUSLY REDUCED IN COMING YEARS.
    * DEMAND FOR GARNET IS EXPECTED BE REDUCED BOTH IN WATERJET
AND
BLASTING SEGMENTS DUE TO EXPECTED LOWER GDP GROWTH
    * BLASTING SEGMENT IS ADDITIONALLY AFFECTED FROM RECENT
SUBSTANTIAL REDUCTION IN OIL PRICE.

Source text for Eikon:  ID:nWkr7TDH3n 
Further company coverage:  NOMIN.OL 

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