The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Mining / Quarrying Mining And Quarrying Mining Of Metal Ores 07.1 - Mining of iron ores
269 jobs Number of planned job losses
Announcement Date
7 October 2014
Employment effect (start)
7 October 2014
Foreseen end date
Description
Publicly traded exploration and development mining company Northland Resources has announced that it is closing down its iron ore mine in Kaunisvaara, outside of Pajala, in Sweden, making the majority of the workforce in Sweden, All employees are to be made redundant.
The reasons behind the closure are cited as challenging market conditions and strained liquidity of the company.
Northland is headquartered in Luxemburg and operates one mine in Sweden.
Updated, 08-12-2014:Northland Resources has declared bankruptcy after several international investors financing the restructuring have withdrawn their financial support.
Sources
7 October 2014: Sveriges Radio
13 October 2014: Northland Resources (Press Release)
8 December 2014: Sveriges Radio
Citation
Eurofound (2014), Northland Resources, Bankruptcy in Sweden, factsheet number 77662, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77662.
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