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UPDATE - Beowulf Mining submits updated mining application for Kallak North

Published: 14:17 24 Apr 2014 BST

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--ADDS BROKER COMMENTS--

Beowulf Mining (LON:BEM) has sent off an updated exploitation concession application for the Kallak North iron ore deposit in northern Sweden to the authorities.

The updated application is a revised and expanded version of the original submission made in April 2013 following the request in November last year fpr more information and clarification on certain aspects of the Environmental Impact Assessment (EIA) part of the application.

The company said it added certain supplements to the EIA along with further technical description and commentary.

The section on reindeer husbandry has been bolstered by further analysis, including information from local Saami villages.

Additional investigations into safety aspects for hydroelectric power dams were also included, while questions about security surrounding any tailings dams have been addressed by consultants, the company added.

Should the updated application be given the green light, Beowulf will be able to mine Kallak North for 25 years initially.

Executive chairman Clive Sinclair-Poulton: “Following extensive additional fieldwork, further research and analysis with our appointed expert consultants, we are delighted to have recently submitted an updated application for an exploitation concession for Kallak North and look forward to receiving a response to JIMAB's [Beowulf subsidiary Jokkmokk Iron Mines AB] enhanced submission and a formal decision in due course.”

Cantor Fitzgerald said: “As BEM’s most advanced iron ore project to date we would expect award of this permit to provide a significant driver to the share price.”

The broker has a target price of 18p and ‘buy’ recommendation.

That’s some way above the current share price of 4.7p, up 0.5% today.

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