Beowulf Mining preparing response to mining concession rejection

The AIM-traded firm’s shares crumbled after it was revealed on Wednesday that its application for an exploitation concession was not successful.

It said it has been given a deadline of 15 February to respond to the Mining Inspectorate.

The company said it is reviewing the CAB's latest statements, whereby the CAB has referred the company's application for an exploitation concession back to the Mining Inspectorate over the effects of a mining operation at Kallak on Laponia.

Its board confirmed it will be providing comments to the Mining Inspectorate by the specified deadline.

The Company's shares recommenced trading on AIM on Thursday afternoon.

“We believe our application for an exploitation concession has met the requirements of the Swedish Mining Act and the Environmental Code, and importantly the prescribed review process; having done the work, it is our view that we should be awarded the concession,” said CEO Kurt Budge.

“Since our original submission in April 2013, we have listened and responded to concerns throughout the review process, such as, in November 2014, eliminating the Jelka-Rimakåbbå transport corridor from future design.”

Budge said more recently, the company had been proactive in providing information to the mining inspectorate and the CAB, to assist the latest review of the Kallak North application as directed by the Government of Sweden, and in light of the Supreme Administrative Court judgement in February 2016 in the case of Norr Kärr.

“We will now review the CAB's statement, and comprehensively respond to the Mining Inspectorate by the 15 February 2017 deadline.”