Beowulf Mining appoints economists to produce Kallak mine study

Copenhagen Economics have been appointed to produce a report that focuses on local and regional economic benefits of a “modern and sustainable mining operation” at the mine in northern Sweden as AIM-listed Beowulf attempts to persuade Sweden of the wider benefits of the mine.

The Kallak iron deposit is said to be one of the world’s largest unexploited iron ore deposits, containing an estimated 600m tonnes of iron.

The report will build on work already carried out by Beowulf and others, which includes a 2015 independent study carried out by Jokkmokks Kommun in conjunction with consultants at Ramböll which concluded that further development at the site would create direct and indirect employment opportunities in addition to generation of additional tax revenue for Norrbotten County.

Kurt Budge, CEO of Beowulf Mining, said that the report will “further demonstrate the potential of Kallak, as the foundation on which Jokkmokk can build its future, and a thriving, diversified and sustainable economy.”

Budge hopes the study will "better articulate the economic benefits, to Jokkmokk and Norrbotten, of a modern and sustainable mining operation at Kallak - the 'Big Picture' - and how it fits in with the objectives and ambitions of Swedish policy and decision makers".

As of BST 0848 Beowulf Mining shares had ticked up 1.85% to 6.88