2nd Mar 2015 11:30
LONDON (Alliance News) - Beowulf Mining PLC on Monday reported a wider pretax loss for 2014 as the company continues work on developing the Kallak iron ore project in Sweden.
Beowulf, which does not generate any revenue, said its pretax loss for the year was GBP3.1 million, compared to a GBP2.2 million loss last year. The company said the wider loss was primarily down to losses on derivative financial assets.
The company is continuing work on the Kallak iron ore project in Sweden and said it is working on reviewing its wider exploration portfolio and identifying its priorities for 2015.
"We reaffirm our commitment to working with all our stakeholders as we seek to develop and permit Kallak North. We will be addressing outstanding matters in order to satisfy the Swedish government that our application has met the requirements of the Swedish regulations, and that our proposed development plan for Kallak North is a responsible one," said Kurt Budge, Chief Executive Officer of Beowulf.
Shares in Beowulf were down 9.3% to 1.70 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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