Northland Closes Iron Ore Mine in Sweden

Mineweb reported that Northland Resources (TSX:NAU) has shut down its Kaunisvaara iron ore mine in Sweden, although there is hope that the near-bankrupt company may not have to liquidate assets.

As quoted in the market news:

Northland said Tuesday that a “new investor group” – no details given about the group’s identity – is interested in a failed $335 million bond offering that Northland cancelled last week after lacklustre market appetite. Northland said it will relaunch the $335 million bond offering and that it expects to conclude negotiations with the mystery investor group today.

Read the full Mineweb news report here