27th Nov 2015 09:10
LONDON (Alliance News) - Beowulf Mining PLC on Friday said it is still awaiting approval for its Kallak North project in Sweden as its interim loss narrowed.
The company said its pretax loss for the half to the end of September was GBP1.4 million, compared to a GBP2.1 million loss a year earlier, as an impairment charge the group took on exploration costs came in lower than a derivative loss it made a year earlier. Beowulf does not generate any revenue.
Beowulf said it remains focused on its Kallak North iron ore project in Sweden, where it is awaiting a final decision from local authorities on the scheme. It secured support from the Swedish mining inspectorate in October and recently wrote to the Swedish government to get an update on proceedings.
"This has been a productive period for Beowulf and, as I have written many times over the last year, the company has satisfied the requirements of the Swedish regulations for permitting an exploitation concession," said Kurt Budge, Beowulf's chief executive.
Shares in Beowulf were up 2.6% to 5.00 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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