|By Marketwired .||
|July 21, 2014 04:52 AM EDT||
LUXEMBOURG, LUXEMBOURG -- (Marketwired) -- 07/21/14 -- Northland Resources S.A. (OSLO: NAUR)(FRANKFURT: NPK)(OMX: NAURo) - together with its subsidiaries "Northland", "NRSA" or the "Company") announces that the Company and the relevant labor unions have reached an understanding concerning organizational changes. The Company also announces a change in management as Willy Sundling, Vice President Environment, Health and Safety, will leave the company.
As previously announced by the Company, Northland is making organizational changes as a part of the Company's new strategy which was announced on June 30, 2014. The Company has now reached an understanding with the relevant labor unions concerning organizational changes. The changes include movement of staff, a reduced number of administrative employees and a reduction of the executive management team.
The Company will move parts of the administrative staff currently allocated in Lulea, closer to the operations in Pajala and the number of employees will be reduced. Redundancy affects 21 positions within the administrative staff of the Swedish subsidiaries. Negotiations with the relevant labor unions regarding the concerned employees will continue. The Company will revert with the outcome of these negotiations and any possible further changes in the executive management team.
"I'm convinced that this is the right way forward. It is a result of the current situation in the iron ore market and the challenges we have in front of us. Moving our team closer to the mine is natural at this stage and one of the steps taken in order to optimize our operations", commented CEO, Johan Balck.
Furthermore, Willy Sundling who most recently held the position as Vice President of Environment, Health and Safety will leave the Company. Willy Sundling has held several positions within Northland and will be available for the Company for some time.
Northland is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland. The first construction phase of the Kaunisvaara project is complete and production ramp-up started in November 2012. The Company expects to produce high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company expects to exploit two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has entered into off-take contracts with three partners for the entire production from the Kaunisvaara project over the next seven to ten years. The Company has also finalized a Definitive Feasibility Study ("DFS") for its Hannukainen Iron Oxide Copper Gold ("IOCG") project in Kolari, northern Finland.
This announcement may include "forward-looking" information within the meaning of applicable securities laws. This forward-looking information can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative, or other variations or comparable terminology. This forward-looking information includes all matters that are expectations concerning, among other things, Northland's results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward-looking information involves risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking information is not a guarantee of future performance and that Northland's actual results of operations, financial condition and liquidity, and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, even if Northland's results of operations, financial condition and liquidity, and the development of the industry in which Northland operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
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