Beowulf Says "Should Be" Awarded Kallak Iron Approval "Without Delay"

LONDON (Alliance News) - Beowulf Mining PLC said on Monday that its application to the ...

Alliance News 19 June, 2017 | 11:29AM
Email Form

LONDON (Alliance News) - Beowulf Mining PLC said on Monday that its application to the administrative board in Sweden has "met all the requirements", and it "should be" awarded the iron-ore Kallak North Exploitation concession "without further delay".

Shares in Beowulf were up 2.8% to 9.25 pence on Monday.

AIM-listed Beowulf's application to the County Administrative Board for the county of Norrbotten has been caught in regulatory difficulties since the company originally submitted its concession application in April 2013.

The company said that last Friday the county board responded to the Mining Inspectorate and suggested more information was needed to assess the potential impact of a mining operation at Kallak on Laponia. However Beowulf said that the board did not say what information it needs.

Beowulf said that the county board has made "no request to the company at any time to provide further information, nor has it provided feedback on the company's submission to the CAB in December 2016 and the company's heritage impact assessment" prepared in April and submitted to the Mining Inspectorate.

Chief Executive Kurt Budge said that the Mining Inspectorate has been given a mandate by the Swedish government to make a decision on the company's application and its "application has met all the requirements of the prescribed process and we should be awarded the concession without further delay".

"The opportunity cost, time and resources, expended on this application process, have not only been borne by the company, but also by the community in Jokkmokk. The continual delays and inefficiency of the application process are unacceptable. Eight months has been lost since the CAB received the Mining Inspectorate's questions, and it has failed to provide any answers or an opinion," Budge said.

He added that Beowulf had listened and responded to concerns raised throughout the application process, demonstrated by the submission to the CAB in April 2013 of extensive supplementary environmental impact assessment studies, in November 2014 eliminating the Jelka-Rimakabba transport route from its plans, and responding to concerns about the interaction of mining and reindeer herding.

By Maryam Cockar; maryamcockar@alliancenews.com; @MaryamCockar

Copyright 2017 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Beowulf Mining PLC 7.44 GBX -2.43 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.