– This is a milestone for Nordic Mining and for anyone who has had faith in and supported mineral industry at Engebø. We are pleased that the government has put action behind the words and and made a positive decision, says CEO Ivar S. Fossum in Nordic Miining in a statement after the government Friday approved zoning for mining project and simultaneously granted a discharge permit.
Capstone Business
– This is an important milestone for the company, and we look forward to further development of the project towards production, says Fossum in the press release.
It’s subsidiary Nordic Rutile AS which will carry out the project.
Fossum states that the project will strengthen Norway’s position in the international titanium industry and provide regional restructuring and growth in the long term.
– Our goal is to establish a profitable hjørnesteinsbedrifti Nausdal focusing on environmental solutions and corporate responsibility, says Fossum.
Among the biggest in the world
In the message states that rutile deposit is one of the largest in the world, and that rutile is the highest among existing producers and projects under development.
The company envisions prolonged activity in the area. Initially, it carried drilling closer to determine how much resources of the mountain. The first 10-15 years of production will be opencast, then will rutile be extracted from mines. Planned operation period is 50 years with the withdrawal of about 4 million tonnes of ore annually, it says.
170 employees
Construction investment amounting to 2 billion. The project will need 170 employees, according to the press release.
The mineral rutile is used among others in paint, plastics and paper industry.
Nordic Mining is listed on Oslo Axess. Since the decision of the approval of the company’s plans became known on Friday morning, the value of the stock nearly doubled.
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