Northland Resources SA Finalizes Financing of Its Drill Rigs From Atlas Copco AB That Are To Be Used at Kaunisvaara Site
Northland Resources SA announced that it has finalized the financing of its drill rigs from Atlas Copco AB (Atlas) that will be used at the Kaunisvaara site. Atlas will deliver five drill rigs, two pieces of the model SmartROC D65 and three pieces of the model Pit Viper-271. Atlas Copco Customer Finance will provide financial leases for all drill rigs, in total USD 8 million. Deliveries from Atlas' facilities at Orebro, Sweden and Garland, Texas, the United States, were initiated during the first week of June, 2012. In accordance with the original time table, the first drills are expected to begin operating at the Tapuli mine in October 2012. The Company intends to begin production during the fourth quarter of 2012 and is scheduled to deliver its iron ore concentrate to the market in the first quarter of 2013.
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