Co-financing makes a new railroad possible in Pajala
(Thomson Reuters ONE) - February 1, 2010 Northland Resources S.A. and the Swedish Rail Administrationare pleased to announce that an additional step has been taken to realize anentirely new railroad to new mines in Pajala. The goal is that the miningcompany and the Swedish Rail Administration jointly finance the railroad. Themining company Northland Resources S.A. and the Swedish Rail Administration havenow signed a Memorandum of Understanding regarding the co-financing of the railline.- "This is an important project which contributes to increased growth andnew job opportunities in Sweden and Finland and therefore has great significancefor the development of Sweden in general, and for northern Sweden, inparticular," stated Minoo Akhtarzand, Director-General of the Swedish RailAdministration.- "We are pleased and proud of the results that we have seen from earlierjoint efforts with the Swedish Rail Administration. Now we are formalizing ourlong-standing cooperation with a Memorandum of Understanding," stated Karl-AxelWaplan, President and CEO of Northland Resources S.A.The mining company will be responsible for an amount corresponding to the costof alternative transport solutions. The commitments will be defined later in animplementation agreement. A condition precedent is that the project is part ofthe national plan for the transport system 2010-2021, which the SwedishGovernment will finalise this spring.It is thought that the rail line would extend from the planned new iron oremines at Kaunisvaara in the municipality of Pajala, to the Finnish rail lineeast of the Muonio River. Construction is estimated to cost between MSEK 750and 1,250. In addition, there is a need for an upgrade of the connectingrailroad on the east side of the Mournio River; this is being planned by theFinnish Transport Agency.The goal is to have the new railroad ready by 2013. This will be unique forSweden as the railroad will be built with Finnish-gauge track, which is widerthan Swedish track.For comments, please contact:Northland Resources S.A.Karl-Axel Waplan, President and CEO: +46 705 104 239For additional information, please contact:Northland Resources S.A.Jonas Lundstr? Director of Corporate Communications, Lule? Tel.+46 705 493 338Swedish Rail AdministrationAnnica Lindstr?Regional Director: +46 920 352 29This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1379083]
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Datum: 01.02.2010 - 04:32 Uhr
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