LUXEMBOURG, LUXEMBOURG -- (Marketwire) -- 02/26/13 -- Northland Resources S.A. (TSX: NAU)(OSLO: NAUR)(FRANKFURT: NPK)(OMX: NAURo) -
Results of operations
For the three months ended December 31, 2012, the Company had a consolidated net loss of USD 5.6 million (USD 0.01 per share) compared to a net loss of USD 34.3 million (USD 0.15 per share) for the three months ended December 31, 2011.
For the twelve months ended December 31, 2012, the Company had a consolidated net loss of USD 24.8 million (USD 0.05 per share) compared to a net loss of USD 38.1 million (USD 0.17 per share) for the twelve months ended December 31, 2011.
The operating loss during the three months ended December 31, 2012 was USD 20.8 million compared to a loss of USD 15.3 million for the same period in 2011.
The operating loss during the twelve months ended December 31, 2012 was USD 48.1 million compared to a loss of USD 28.1 million for the same period in 2011.
Net financial items were positive with USD 24.5 million for the 12 month period ended at December 31, 2012, compared to a loss of USD 9.6 million for the same period 2011.
Number of employees at the end of December 2012 was 199, compared to 87 at the end December 2011.
Summary of selected quarterly and annual data as at December 31, 2012 and 2011
--------------------------------------------------------------------------- Q4 Q4Selected Quarterly and (3 months) (3 months) 12 months 12 monthsAnnual Information, ended ended ended ended(unaudited) Dec 31, Dec 31, Dec 31, Dec 31,USD millions 2012 2011 2012 2011---------------------------------------------------------------------------Net Profit / (Loss) (5.6) (34.3) (24.8) (38.1)- per share, USD (0.01) (0.15) (0.05) (0.17)---------------------------------------------------------------------------Mineral propertiesexpenditures, Sweden 0.5 0.5 2.4 2.7---------------------------------------------------------------------------Mineral propertiesexpenditures, Finland 1.7 5.2 11.5 20.1---------------------------------------------------------------------------Mines under constructionexpenditures,Sweden and Norway 177.9 84.7 580.1 180.2---------------------------------------------------------------------------Cash, end of period balance 53.7 38.3 53.7 38.3---------------------------------------------------------------------------Number ofCommon shares 514,178,899 226,628,899 514,178,899 226,628,899---------------------------------------------------------------------------
This table is for information only and does not form part of the condensed financial statements
Comment from the President and CEO
"Northland has invested more than USD 900 million in the Kaunisvaara project and developed the mining site from bog to mine in less than two years. The production ramp-up has been successful and to date Northland has produced approximately 71,400 tonnes of iron ore in the process plant which is more than 65,000 dry metric tonnes ("dmt") of iron ore concentrate with Fe-grade and quality in accordance with planned product specifications.
