Beowulf Mining shares crumble after exploration application rejected

Shares in Beowulf Mining tanked and were suspended after the explorer's application for an exploitation concession for its Kallak North property was referred by the Norrbottenback County Administrative Board back to the Mining Inspectorate of Sweden.

The AIM-listed outfit suspended its shares from trading "until further clarification on the situation can be given".

With chief executive Kurt Budge in Sweden this week, visiting Luleå and Jokkmokk to "meet with key stakeholders and decision makers", the company said it will provide an update to shareholders "after fully understanding the CAB's announcement, and importantly what it means in practice".

The CAB referred the matter to the mining inspectorate "with respect to matters regarding the effects of a mining operation at Kallak on Laponia".

Beowulf shares tumbled 29.3% to 8.75p before they were suspended at the time of the announcement at 1033 GMT on Wednesday.