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Kallak Progress on the Company’s Exploitation Concession in 2016 has been slow.
On 23 February 2016, Tasman Metals (“Tasman”) announced that it had been notified of a decision by the Supreme Administrative Court of Sweden (“SAC”), dated 22 February 2016, to cancel its Norra Kärr Mining Lease.
The SAC determined that the decision by the Mining Inspectorate to grant the Norra Kärr Mining Lease to Tasman was incorrect, as the decision to grant the Mining Lease was not adequately supported by environmental studies into a future mining operation.
As a result, the Norra Kärr Mining Lease was cancelled and the project reverted to an Exploration Licence.
Beowulf Mining plc (“Beowulf” or the “Company“) AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016 Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company focused on the Kallak magnetite iron ore project in northern Sweden and its graphite projects in Finland, announces its audited financial results for the year ended 31 December 2016.
The chairman’s statement, review of operations and activities, and financial information has been extracted from the Company’s Annual Report for the year ended 31 December 2016.
We believe that in the absence of the Norra Kärr judgement, made by the SAC, the Company would have been awarded the Exploitation Concession in early 2016 as our application had met all the requirements of the Swedish Minerals Act and the Environmental Code.
To date we have spent approximately SEK 72 million (or £6.4 million) on Kallak.
The Company has continued to communicate with key stakeholders, with regular visits to Sweden and meetings with members of the Swedish Parliament, the County Administrative Board (“CAB”), the Mining Inspectorate, Jokkmokk Kommun, local business community in Jokkmokk, landowners and people of Jokkmokk.
We have also been working with our public relations advisers in Sweden, to ensure that we are effectively communicating our vision for a modern and sustainable mining operation at Kallak, and have established a Facebook page to engage with our stakeholders in Jokkmokk and further afield.
The financial information included in this announcement does not constitute the Group’s statutory financial statements as defined in section 434 of the Companies Act 2006, but is derived from those accounts.
The financial information for the year ended 31 December 2016 has been extracted from the audited accounts of Beowulf Mining plc which will be delivered to the Registrar of Companies in due course.