8th Jul 2015 08:19
LONDON (Alliance News) - Beowulf Mining PLC on Wednesday welcomed some supportive findings by the County Administrative Board for Norbotten County in Sweden regarding the company's Kallak North iron ore project in the area.
Beowulf said the board found that mining is "economically relevant" and said the Kallak North site will generate economic benefits on local, regional and national levels.
It also found Beowulf's application for an exploitation concession at the site creates no conflicts in terms of national interests and said the company needs to work with local communities which will be affected by the development of a mining project.
"We welcome the announcement by the CAB, and its important findings that a mining project can deliver significant economic benefits for Jokkmokk, Norrbotten County, and for Sweden," said Kurt Budge, Beowulf's chief executive.
"The company is confident its application for an Exploitation Concession has met the requirements of the Swedish regulations and we will be in contact with the Swedish government, after the summer holidays, to understand the Exploitation Concession decision making process following CAB's positive feedback, and will provide a further update to the market in due course," Budge added.
Shares in Beowulf were down 1.2% to 1.605 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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