Northern Iron (NFE)

Shares / Stock Code

NFE

Stock Exchange / Sharemarket

Australian Securities Exchange

Northern Iron (NFE) is an Australian company headquartered in Perth which was formed to acquire the Sydvaranger Iron Project in northern Norway. Northern Iron intends to redevelop the Sydvaranger Iron Project to commence production of magnetite iron concentrate for supply into the European market. NFE listed on the Australian stockmarket (ASX) on 13 December, 2007.

Northern Iron’s development plan for the Sydvaranger Iron Project is based on utilising the existing infrastructure at site in order to commence production of a magnetite concentrate product as quickly as possible for the lowest capital cost. This strategy aims to provide investors in Northern Iron with direct exposure to iron ore prices within the next two years.

Current plans for the re-furbished mine are for the mining of 7Mtpa of ore to produce approximately 2.9Mtpa of concentrate grading 67.5% Fe over a 19 year mine life. Commissioning of the operation is expected in the June quarter of 2009 at a total pre-production capital cost (excluding mining fleet which is intended to be lease financed) of approximately US$100 million.

The medium term strategy for Northern Iron is to expand the production of the Sydvaranger Iron Project through exploration of the known iron mineralisation and to further improve economic returns through the potential development of a pelletising plant.

Northern Iron's mining development and exploration activities are carried out, through its 100% Norwegian subsidiary, Sydvaranger Gruve AS. In April 2009, the Company established Northern Iron Marketing AG for the purpose of sales and marketing of iron ore concentrate from the Sydvaranger iron project.

Northern Iron (NFE) Products and Services

  • Iron ore exploration and development

Northern Iron (NFE) Locations and Subsidiaries

Northern Iron Head Office
Level 3, 3 Ord Street, WEST PERTH,
WA, AUSTRALIA, 6005
Phone: 61 8 9321 9334
Fax: 61 8 9321 9335

Northern Iron (NFE) Share Price

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Submitted by ASX Listed Company on 14 May, 2010 - 21:24

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