Bluelake Mineral announces financial report for third quarter 2023Third quarter 2023 (July - September)
- Revenue for the third quarter amounted to SEK 0.0 (7.9) million
- Exploration and evaluation costs for the third quarter amounted to SEK -1.7 (-0.8) million
- Profit after tax for the third quarter amounted to SEK -2.8 (5.6) million
- Earnings per share for the third quarter amounted to SEK -0.04 (0.1)
First nine months 2023 (January - September)
- Revenue for the first nine months amounted to SEK 0.0 (8.0) million
- Exploration and evaluation costs for the first nine months amounted to SEK -4.6 (-3.9) million
- Profit after tax for the first nine months amounted to SEK -13.4 (-2.0) million
- Earnings per share for the first nine months amounted to SEK -0.18 (-0.04)
Significant events in the reporting period
- Around 10 consultation responses have been received regarding the zoning plan for the Joma mine
- The municipal council in Røyrvik has unanimously voted to approve the proposed plan program and zoning plan for the Joma mine
- The decision to approve the zoning plan is conditional on a supplementary regional impact assessment for reindeer herding being carried out before the start of the Joma mine
- The Norwegian Sami Parliament's objection to the zoning plan remains and the case now goes to mediation with the State Administrator in Trøndelag County with the aim of withdrawing the objection
Significant events after the reporting period
- The Company has carried out a directed share issue of approximately SEK 9.4 million to primarily Norwegian investors in Trøndelag
- Work on a supplementary regional impact assessment for reindeer herding has begun in collaboration with the local reindeer herding district Tjaehkere Sijte
- Procurement of an external consultant for implementation of the application for an environmental permit in Norway is ongoing
Comments from the CEO
In early September, Bluelake Mineral AB (publ) ("Bluelake Mineral" or the "Company") achieved a crucial milestone on the path to reopening the Joma copper and zinc mine in Norway. When the municipal council in Røyrvik municipality voted unanimously to approve the zoning plan, the likelihood of the mine becoming operational increased dramatically. The decision is the result of hard and focused work over several years, where support from residents and political decision-makers for re-opening of the mine was initially far from obvious. The decision is conditional on a supplementary regional and cumulative study of the reindeer herding being carried out and the Norwegian Sami Parliament's formal objection to the zoning plan remains. However, these are items that should be possible to resolve. The work on the supplementary study regarding reindeer herding has been initiated in constructive cooperation with the local reindeer district Tjaehkere Sijte and we expect the total knowledge base regarding possible effects related to the reindeer herding to be adequate when this investigation has been completed. This hopefully means that the Sami Parliament can withdraw its objection to the zoning plan in the mediation process with Røyrvik municipality that is now taking place together with the State Administrator in Trøndelag County. If this does not succeed, the matter will have to be finally decided by the Norwegian government, which has clearly pointed out the importance of establishing mines in Norway that can produce copper and other critical raw materials.
Much work remains and we must show respect for and find workable solutions that take into account many other interests such as environment, natural diversity and reindeer herding. However, the outlook for the mine coming into operation is good. There is very strong local and regional support among residents, businesses and political decision-makers. In addition, the mine will be able to make a positive contribution to the green transition and is fully in line with both the EU's and Norway's mineral strategies for increased self-sufficiency in critical raw materials. The Joma mine could then become the first or one of the first copper mines in operation in Norway in over 25 years.
Stockholm, November 2023
Bluelake Mineral AB (publ)
The Board of Directors
Publication of information
This information is inside information which Bluelake Mineral AB (publ) is required to publish in accordance with the EU Market Abuse Regulation. The information was submitted, for publication on November 17, 2023 at 8.40 CET, by the contact person below. Additional information
For additional information, please contact:
Peter Hjorth, CEO, Bluelake Mineral AB (publ), phone +46-725 38 25 25
Email: [email protected]
The following documents can be retrieved from beQuoted
Bluelake Mineral Pressrelease 2023-11-17.pdf
Bluelake Mineral Interim Report Q3 2023.pdf General information about the Company
Bluelake Mineral AB (public) is an independent Swedish company active in exploration and mine development of copper, zinc, nickel and gold resources.
The Company owns approximately 99% of the subsidiary Vilhelmina Mineral AB, which is focusing on development of copper and zinc deposits in the Nordic region. In Sweden, the Company owns Stekenjokk-Levi project, where a total of approximately 7 million tonnes of ore were mined between 1976 and 1988 with an average grade 1.5% Cu and 3.5% Zn. Stekenjokk-Levi is, according to a recent Mineral Resource Estimate by SRK Consulting, containing inferred mineral resources of approximately 6.7 million tonnes with 0.9 % Cu, 2.7 % Zn, 0.6 % Pb, 55 Ag g/t and 0.2 g/t Au for Stekenjokk and inferred mineral resources of 5.1 million tonnes with 1.0 % Cu, 1.5 % Zn, 0.1 % Pb, 22 Ag g/t and 0.2 g/t Au for Levi (at a NSR cut-off of 60 USD/t). In Norway, the Company is owner of Joma Gruver AS which holds exploitation rights for the Joma field, where approximately 11.5 million tonnes of ore were processed between 1972 and 1998 with an average grade of 1.5% Cu and 1.5% Zn. The Joma field (excluding Gjersvik) is, according to a recent mineral estimate by SRK Consulting, containing indicated mineral resources of approximately 6 million tonnes with grades amounting to 1.00 % Cu and 1.66 % Zn and inferred resources of 1.2 million tonnes with grades 1.2 % Cu and 0.7 % Zn (at cut-off of 50 USD/t).
In addition, the Company holds exploitation concessions for the nickel project Rönnbäcken (which is Europe's largest known undeveloped nickel resource) and an exploration permit for Orrbäcken, both which are located in Sweden. According to a recently updated mineral resource update in by the mining consulting company SRK, the Rönnbäcken project contains a mineral resource of 600 million tonnes with an average grade of 0.18% Ni, 0.003% Co and 5.7% Fe ("measured and indicated"). The updated preliminary economic assessment that SRK completed predicts a production of 23,000 tonnes of nickel, 660 tonnes of cobalt and 1.5 million tonnes of iron per year for 20 years, which would be a significant share of Sweden's total annual use of nickel which thereby has a strategic value. Orrbäcken is considered to have potential as a nickel deposit.
Further, the Company holds an exploration permit for Kattisavan which is considered to have potential as a gold resource and is located within the so-called gold line, close to projects such as Svartliden, Fäboliden and Barsele.
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