30th Aug 2016 11:33
LONDON (Alliance News) - Beowulf Mining PLC on Tuesday said it will be increasing its efforts to obtain an exploitation concession for the Kallak North magnetite iron ore project in the coming months, as its loss widened slightly in its first half.
Miner Beowulf has been operating in Sweden for many years, over which period it has been focused on securing the concession for the Kallak North iron ore asset in Sweden.
The mining inspectorate of the country recommended the concession for the project should be awarded to the company around ten months ago, but neither the Swedish government nor the minister for enterprise and innovation issued any response.
This has meant Beowulf's field programmes for the Kallak site, which were planned for this year, have been delayed.
However, despite these delays, the company noted it has been successful in the award of another exploration licence, for the Sala nr 10 site in Vastmanland County, Sweden. The licence is prospective for lead-zinc-silver mineralisation.
Beowulf said it has also been "busy carrying out work" at its graphite assets and at the Atvidaberg lead-zinc-copper-silver exploration licence, located in the Bergslagen area in southern Sweden.
"We have shareholders who remain focused on Kallak as the value driver of Beowulf, but our moves into graphite, Atvidaberg and Sala will show their worth in time," Beowulf said.
"We have never believed in 'sitting on our hands', and we are excited that we have momentum in the Kallak process, an opportunity to re-engage with the community in Jokkmokk and our stakeholders in Sweden, and we are actively working on our graphite portfolio and Åtvidaberg licence," the company added.
In the six months ended June 30, Beowulf said its pretax loss widened slightly to GBP333,267 from GBP330,732 a year earlier, after an increase in finance income was not great enough to offset higher administrative expenses.
Shares in Beowulf were down 1.2% at 4.20 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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