Kaunisvaara mine secures funds to run till April
Mining company Northland says that it now has enough money to keep running its iron ore mine near Pajala, in northern Sweden, past mid-April, TT news agency reports.
The mine, which is expected to give a major boost to the local economy, was put in danger when the Canadian firm announced in February that it had not sold enough shares.
Read also: Financial crisis for Pajala mine (February 5)
Northland says in a press release that its suppliers and bondholders have stumped up 20 million dollars, to keep the mine going in the short term.
And the man appointed by the state to oversee the company’s reorganisation says that a long-term solution may be proposed in the middle of April.
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