Beowulf Mining roars higher as Swedish discusses mining application

Beowulf has applied for an exploitation concession for Kallak North where it has discovered magnetite iron ore.

Chief executive Kurt Budge said the company looked forward to being notified of any outcome when it is made public.

"We believe it is in the best interests of our stakeholders in Sweden, and our Swedish and non-Swedish shareholders, that our application is further reviewed by the Mining Inspectorate, so that any future award of the exploitation concession is consistent with the judgement of the Supreme Administrative Court in the case of the Norra Karr project," he said.

"The time taken now to allow any additional review of our application enables Beowulf to further demonstrate its responsible approach to the development of Kallak, and our ambition to develop a modern and sustainable mining operation in partnership with the community."

Shares in the company surged to a three-year high in early trading and by 0845 BST were up 89% to 6.70p.