viewBeowulf Mining PLC

Beowulf hopeful of progress in epic Swedish adventure

"We are still trying to get an exploitation concession, after investing SEK72 million in the project," said CEO Kurt Budge.

Beowulf has made strenuous efforts to accommodate reindeer herders

Shares in Beowulf Mining plc (LON:BEM) surged after it held out hope of its application for a mining concession in Sweden being granted.

The company has written to the Mining Inspectorate of Sweden in respect of its Kallak magnetite iron ore project, trying to head off yet more delays to the project as a result of consultations with the Swedish National Heritage Board and the Swedish Environmental Protection Agency.

Beowulf pointed out that both of these agencies have already reviewed the company's application for an exploitation concession (akin to a mining permit) for Kallak North and provided comments.   

"It's reassuring that the Mining Inspectorate is demonstrating some urgency with regards to handling our application, but the level of frustration now felt, after submitting the application nearly four years ago, and with all the twists and turns since I became involved, is palpable,” said Kurt Budge, chief executive of Beowulf.  

"We are still trying to get an exploitation concession, after investing SEK72 million in the project and creating real value,” an exasperated Budge noted.

"We continue to place great emphasis on gaining local support.  My trip to Jokkmokk this week, presenting the company's vision for Kallak, a modern and sustainable mining operation, a centre for innovation, that has the potential to transform the economy and future of Jokkmokk, was well received by local entrepreneurs, business people, the Kommun and landowners' association.  I will be back in Jokkmokk in a just over a week to present to more groups, and now feel that significant support is building behind Kallak, because of its importance to the community," Budge added.

Shares in Beowulf were up 6.5% at 10.375p in lunchtime trading.

Quick facts: Beowulf Mining PLC

Price: 5.825 GBX

Market: AIM
Market Cap: £35.08 m

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