29th Feb 2016 10:12
LONDON (Alliance News) - Beowulf Mining PLC on Monday said its pretax loss narrowed in 2015 and said it remains focused on its Swedish and Finnish projects.
Beowulf's pretax loss for the year to the end of December was GBP1.8 million, compared to GBP3.0 million a year earlier when it booked substantially higher financing costs.
The group is working towards securing approval for the Kallak North iron ore project in Sweden, from which it has recently received very strong results but for which the exploitation concession is under review.
The company also is in the process of completing the acquisition of Oy Fennoscandian Resources AB, which owns four early-stage graphite projects in Finland.
"With our work programmes fully funded we can now focus on creating value with the assets we have. We will also continue to evaluate more M&A opportunities in the Nordic region, targeting deals where we can unlock value for shareholders," said Kurt Budge, Beowulf's chief executive.
"The company has an exciting work programme planned for 2016, including fieldwork around Kallak and drilling the exploration target at Kallak South, once the exploitation concession has been awarded, conducting exploration on our graphite portfolio in Finland, and developing further exploration ideas in Sweden," Budge added.
Beowulf shares were down 0.2% at 4.49p early Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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