Northland Resources S.A. announced it has signed a leasing arrangement for mobile mining equipment with a major Scandinavian bank for a total amount of $25 million.
The company said as a prerequisite for signing this leasing arrangement, an agreement with Caterpillar Financial Nordic Services AB has been renegotiated and downsized to enable the company to have two lease providers instead of one for its mobile mine equipment.
Northland noted that the Lease does not affect the company’s financing target of up to $150 million, since the lease was already accounted for in the assumptions underlying this target.
Northland is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland.
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