Significant events during the period

·         The Company launched a USD 120 million five-year bond issue and implemented a private placement of SEK 150 million in connection with this.

·         Dannemora Mineral signed five-year contracts with ThyssenKrupp AG and Salzgitter Flachstahl AG for annual iron ore deliveries of up to 600,000 tonnes.

·         Dannemora Mineral signed a five-year contract with Stemcor UK Ltd for the annual supply of up to 600,000 tonnes of iron ore. Deliveries will commence in 2013.

·         The Company decided to invest a further SEK 120 million underground, in order to ensure efficient and reliable transport, and to build a homogenisation store, which is expected to tie up SEK 20-30 million in working capital.    

·         The Board of Dannemora Mineral decided to list the Company's share on the Stockholm Stock Exchange's main list at an appropriate point after the operational start-up of the Dannemora iron ore mine.

·         Operating revenue for the period January-December 2011 amounted to SEK 3.1 (44.9) million. Profit/loss after net financial items during the same period amounted to SEK -118.2 (-50.9) million. Net sales for the 4th quarter 2011 amounted to SEK 0.8 (16.9) million, while profit after net financial items was SEK  -22.3 (-9.3) million.

·         Total cash flow for the period January-December 2011 was SEK 406.6 (151.7) million. Total cash flow for the fourth quarter was SEK -17.6 (-45.2) million.

      · Cash & cash equivalents at 31 December 2011 amounted to SEK 628.8 (212.1) million.

Significant events after the end of the period

• Dannemora Mineral and Hargs Hamn AB signed a ten-year contract for terminal services. This and the previous contracts with Green Cargo and NACCO mean that Dannemora has now covered the entire logistics chain from mine to ship loading.
• An update of the Company's mineral reserve reported  35.1 million tonnes of probable mineral reserves grading 35.3 percent iron. This is an increase of 6.9 million tonnes.

• Dannemora Mineral AB has notified the Mining Inspectorate of the start of mining operations from 13 January 2012.

• The investment project in Dannemora has progressed without disruption so far and the sorting plant will start operations in the second quarter of 2012.