10th Dec 2015 16:09
LONDON (Alliance News) - Beowulf Mining PLC, which is focused on the Kallak iron ore project in northern Sweden, on Thursday said it has been notified that a claim for SEK350,000, roughly equivalent to GBP27,000, has been filed with a small claims court in Sweden.
"The company intends to defend itself against the claim, and confirms that there is no material impact on its activities," Beowulf said in a statement.
The mineral exploration and development company said the claim has been made by a drilling contractor employed on the Kallak project during 2014. The claim is for unpaid invoices.
"In late 2014, the company withheld payment of invoices to cover remediation costs which exceed the sum being claimed by the driller. The remediation work was undertaken by the company to clean-up oil spillages caused by drill rigs employed on site during 2014 and to make good the drill sites used. An independent report from environmental consultants, Hifab AB, has concluded that no further remediation work was necessary at the drill sites. To date, the costs for this work have been borne by Beowulf," the company said.
Shares in Beowulf were down 15% at 4.12 pence on Thursday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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