Beowulf Mining begs patience of shareholders over Kallak approval

Mineral exploration and development company Beowulf Mining issued an update on Thursday morning, reporting that it has been in communication with the Government of Sweden, and understood that the government's review of submissions made by interested parties with regard to its application for an exploitation concession for Kallak North, was continuing.

The AIM-traded firm said that, as the Swedish government had yet to complete its review of all documents received, it could not give a definitive timing for a final decision.

It said it would continue to keep the market informed regarding developments in the application process.

The company specifically requested that shareholders did not contact the government directly, as responding to enquiries was “time consuming” for those reviewing the Kallak project, taking them away from dealing with the matter in hand.

“It is clear that the government is being thorough in its review, and taking the time it needs to complete a rigorous and objective assessment of the facts,” said CEO Kurt Budge.

“Though shareholders may be frustrated with no definitive timeline for a decision, Kallak is an important project for Jokkmokk and the County of Norrbotten and should be treated with the care and attention it deserves, and an observance of due process.”

Budge said the Swedish government had the opportunity to look at the 'big picture' - the interdependencies of capital projects in the region - mining, rail, port, and power - and the potential for Kallak to play its part in a sustainable economic future for Jokkmokk and Norrbotten.

“Kallak has support from local and regional politicians, and business focused agencies, who recognise that the company has invested SEK 77m, and that it is committed to developing an innovative, modern, and sustainable mining project, that showcases the best of what Sweden can deliver,” Budge explained.

He said that, while the company waited on Kallak, its exploration teams had been busy with drilling the Aitolampi graphite project in Finland, and a geophysics survey at Åtvidaberg in southern Sweden.

“The board will be in Finland next week, attending the Nordic Mining Investment Conference, where I will make a presentation titled 'Mining a future in the Nordics - Staying the distance'.

“Also, we will hold a workshop with our exploration team, to review our graphite portfolio and our plans for the Aitolampi project, as well as Åtvidaberg.

“I look forward to updating shareholders in due course on our progress at Aitolampi and Åtvidaberg.”