Northland, Cat Finalize Mobile Mining Equipment Financing
Northland Resources announced that it has finalized the financing of its mobile mining equipment from Caterpillar. Pon Equipment will deliver 23 Caterpillar machines including two large Cat 6060 hydraulic shovels, Cat 793F haul trucks, large Cat 994F wheel loaders, graders and dozers. Caterpillar Financial Nordic Services will provide financial leases for all 23 machines for a combined amount of $65 million.
Northland is a development-stage mining company with a portfolio of iron ore projects in northern Sweden and Finland. The company’s Kaunisvaara project will initially exploit two magnetite iron ore deposits in Sweden. The first machines were delivered to the Kaunisvaara site in mid-June.
Northland intends to begin production during the fourth quarter 2012 and is scheduled to deliver its iron ore concentrate to the market in the first quarter of 2013.
