29th Nov 2018 13:13
LONDON (Alliance News) - Beowulf Mining PLC on Thursday reported a widened loss for the nine months to the end of September as it awaits a final decision on its Kallak project.
The Sweden and Finland-focused mining company widened its loss in the first nine months of the year to GBP849,525 compared to GBP682,647 in the same period a year before.
At present, Beowulf is in its exploratory mining phase and, as such, has yet to report a revenue.
Beowulf's administrative expenses increased 5.2% to GBP560,056 from GBP532,202.
The explorer said it has "fully satisfied" the Swedish legal requirements to be granted an exploitation concession for the Kallak magnetite iron ore project.
Beowulf said its handling of its application has been "shocking" as it has had to "twist and turn" during the review process after the Mining Inspectorate recommended to the Swedish government that the Kallak concession be awarded "over three years ago".
"Regardless of the delays in the formation of the Swedish government, and therefore the decision to grant approval for the exploitation concession for Kallak, Beowulf has continued to promote the benefits that a modern and sustainable mine at Kallak could bring to the local community in Jokkmokk.
"It seems that iron ore is important to Sweden, so we hope this focuses the mind on Kallak, Europe's largest defined and unexploited iron ore deposit in which the company has invested over SEK77 million, about GBP6.7 million, and which, since February 2013, has been designated as an Area of National Interest by the Swedish Geological Unit."
Beowulf believes its case "will prevail" and the concession will be awarded.
Shares in Beowulf Mining were down 3.1% Thursday at 4.65 pence each.
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