Beowulf Mining more than halves FY pre-tax loss; sees 2017 as pivotal year

AIM-quoted mineral exploration and development company Beowulf Mining has more than halved its full-year pre-tax loss.

"The company is in a stronger position than it was 12 months ago and we look forward to 2017 being a pivotal year for the company," said non-executive chairman Bevan Metcalf.

Beowulf expected the Exploitation Concession would be awarded for its Kallak North iron ore project, conceding this was the "most significant risk currently facing the group".

The company further expected to advance its exploration programme on its graphite projects in Finland, and on its Atvidaberg licence in Sweden.

Beowulf's pre-tax loss for the 12 months was £633,229, from £1.8m.

At 12:31 BST, shares in Beowulf were down 3.95% to 9.12p.