Government proposes injecting new millions into ‘Store Norske’ group

‘Gruve 7Longyearbyen.‘Gruve 7.Photo: Tore Meek / NTB scanpix

The government has proposed giving up to 244 million in loans and equity to the Store Norske group in Svalbard.

‘We have previously given evidence to Parliament that the Store Norske group may need more money this year to meet the obligations of the mining company at the end of the year.

This is the issue we tackle now. The proposal will contribute to ‘Gruve 7’ being enabled to run on, and the rest of operations in Svea and Lunckefjell being completed in 2017’, said Minister of Industry, Monica Mæland.

The proposal to Parliament on the situation in the Store Norske
group was put forward on Friday.

Of the proposed 244 million, 100 million will be in the form of a loan from the state, supported by Store Norske homes. In addition, the state will supply 144 million in new equity.

 

Source: NTB scanpix / Norway Today

 

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