Brief: Nordic Iron Ore Signs MoU With Cargill

Nordic Iron Ore AB

11/02/2022 07:07

Feb 11 (Reuters) - Nordic Iron Ore AB  NIO.ST :
    * NORDIC IRON ORE AB AND CARGILL SIGN MEMORANDUM OF
UNDERSTANDING
(MOU) TO EXPLORE LONG TERM PARTNERSHIP, INCLUDING PRODUCT
DEVELOPMENT, INVESTMENT IN THE BLÖTBERGET PROJECT AND PRODUCT
OFFTAKE
    * TO NEGOTIATE A LONG-TERM OFFTAKE AGREEMENT FOR HIGH GRADE
IRON
ORE CONCENTRATE FROM ITS BLÖTBERGET PROJECT LOCATED IN DALARNA,
SWEDEN AS WELL AS SETTING OUT POSSIBLE TERMS FOR CARGILL TO
PROVIDE A 50 MILLION SEK INVESTMENT (`'INVESTMENT'') INTO
COMPANY AS PART OF A WIDER CAPITAL RAISE OF AT LEAST 100 MILLION
SEK
    * TWO COMPANIES WILL COMMENCE A PROCESS OF DUE DILIGENCE AND
COMMERCIAL NEGOTIATIONS FOR BOTH OFFTAKE PROJECT AND INVESTMENT,
IT IS INTENDED THAT THIS PROCESS WILL BE CONCLUDED IN Q2 OF 2022
    * INVESTMENT WILL FACILITATE NEXT PHASE OF DEVELOPMENT OF
PROJECT
THAT ONCE COMPLETED WOULD PRODUCE APPROXIMATELY 1,600,000T PER
YEAR OF A 68% FE CONCENTRATE

Source text for Eikon:  ID:nWkrbjSn6f 
Further company coverage:  NIO.ST 

 (Gdansk Newsroom)
 ((Gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))