Beowulf appoints SRK Consulting for scoping study at Kallak

The company indicated that work had already begun and was scheduled to be completed at the end of February 2018.

Kurt Budge, the CEO of the company, said the study marked a "significant investment", while highlighting that it enjoyed the support of the local stakeholders.

"The scoping study and associated work streams are a significant investment for the Company, made in the belief that Beowulf has satisfied the Swedish requirements to be granted an Exploitation Concession for the Kallak North deposit," he said.

"In addition, we have the support of local stakeholders and therefore we must push on, despite the current permitting challenges.

"Over the last 12 months, we have continued to emphasise the interlinkages that can exist between major investments, industrial projects and infrastructure development, and the potential for widespread economic stimulus across a region such as Norrbotten, to politicians, regulators, decision makers and stakeholders."

In addition to the Kallak magnetite iron ore project, Beowulf also possesed the Åtvidaberg polymetallic exploration licence in Sweden and a graphite portfolio in Finland.