22nd Oct 2018 13:00
LONDON (Alliance News) - Beowulf Mining PLC said Monday that it published a study on the economic benefits of its Kallak magnetite iron ore project located in Sweden and remains positive it will be granted approval of its concession.
Highlights from the study include the potential to create 250 direct jobs and 300 indirect jobs in Jokkmokk, Sweden, over the period that a mine is in operation, which can be sustained for over 25 years.
Furthermore, the study showed how the project has the potential to generate SEK1 billion, GBP85.5 million, in tax revenues, which would help to develop and sustain public services and infrastructure in Jokkmokk.
Chief Executive Officer Kurt Budge said: "There is recognition that the Kallak project offers a new future to Jokkmokk, and that there is no other sector of the economy that could deliver similar transformational economic benefits.
"A mine could be producing high quality iron ore concentrate for decades, bringing much needed jobs and tax revenues to the municipality and region; all described in detail in the Copenhagen Economics study."
The company said it remains "positive" that the Government in Sweden will approve its concession, despite "the unacceptable delays" in reaching a decision regarding Beowulf's application.
Beowulf shares were trading up 4.4% at 5.38 pence each.
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