Northland Resources undergoing reconstruction, delisting from TSX

Michael Allan McCrae | February 20, 2013 | 3:11 pm Europe Iron Ore

Iron ore miner Northland Resoures (TSX:NAU) will be de-listed for not complying with the requirements of the Toronto Stock Exchange.

The TSX made the announcment on Monday. The company’s securities are currently suspended from trading.

On the same day the company sent a notice to attend a creditor’s meeting for reconstruction and disclosure of the balance sheets.

The creditors’ meeting is scheduled to be held on March 1, 2013 in Luleå, Sweden, at which the reconstruction plans will be presented.

Northland produces iron ore concentrate. It has projects in northern Sweden and Finland.

A number of iron ore projects are being rethought in light of current metal prices. Baffinland Iron Mines announced last month that it was scaling back its $4 billion rail and port program for its Mary River iron ore project to just a road haulage system. Canadian rail operator CN said it wouldn’t be moving ahead with a study of a rail system to serve mines in the Labrador iron ore range.