RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, announces successful first sales from its new pellet mill in Magistralny and newly launched own harvesting operations in Ust-Ilimsk.
Magistralny pellet mill
Following successful test runs of the new pellet mill in November, the Company has now started production and delivery of wood pellets to its European trading partner.
Ust-Ilimsk own harvesting operations
The Company has successfully commenced its own harvesting activities in Ust-Ilimsk, with the first logs now having been harvested and hauled. As announced previously the project will be developed in stages and for 2016 calendar year the target is to reach a harvested volume from own operations of about 100,000 m3, or approximately 50% of the current long term target for own harvesting operations in Ust-Ilimsk.
“We continue to focus on developing our Eastern Siberian assets and we are happy to report that we now have successfully launched both of our two recent projects in Magistralny and Ust-Ilimsk, on time and budget. Both these projects will generate increased turnover and profit for RusForest in the long term“
About RusForest AB
RusForest is a Swedish forestry company operating in Eastern Siberia. The Company controls long-term timber leases and utilizes these resources to produce a wide range of sawnwood products. RusForest is listed on NASDAQ First North (ticker “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Securities AB.
For additional information, please visit the Company’s website at www.rusforest.com or contact:
Gustav Wetterling, Group CFO, telephone: +46 8 771 85 00