13th Feb 2015 12:16
LONDON (Alliance News) - Beowulf Mining PLC shares rose on Friday after it said the Mining Inspectorate of Sweden has referred the company's application for an exploitation concession for the Kallak North project to the Swedish government.
Beowulf shares were up 18% to 2.33 pence per share on Friday afternoon.
The company said the mining inspectorate is satisfied with Beowulf's application, but said it has passed the final decision onto the government as the mining inspectorate "has not developed an opinion" on some aspects of the environmental code of the application, said Beowulf.
"We are pleased that the Mining Inspectorate of Sweden has progressed the company's application to the Swedish government and that the inspectorate believes that the fundamental prerequisites for the granting of an exploitation concession for Kallak North have been met," said Chief Executive Kurt Budge.
The company is expecting the government to make a decision during 2015, and stressed that its schedule has not been affected.
"We have met all fundamental requirements set by the Swedish regulations for the application and as such we remain confident the exploitation concession will be approved by the Swedish government," Budge said.
By Joshua Warner; [email protected]; @JoshAlliance
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