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(Alliance News) - Beowulf Mining PLC on Thursday said Sweden's reputation as a "low risk mining jurisdiction" is being hurt by the time it has taken for the company to receive a permit for a project in the country.
The Nordic-focused exploration firm is looking to secure a concession at its Kallak North iron ore project in the County of Norrbotten in northern Sweden.
Chief Executive Kurt Budge said: "Sweden's reputation as a low risk mining jurisdiction is being damaged. Investor confidence can only be restored if the government honours the investments and work done by companies applying for licences and concessions, in accordance with the laws of the country."
The company added that its application at Kallak "fully meets the requirements" of Swedish legislation.
Budge took aim at the Swedish government for sitting on its Kallak application since July 2017, but "offering nothing in terms of transparency. The Beowulf CEO added that the company has been allowed to invest SEK80 million, about GBP6.4 million, over almost 13 years.
The company received a letter from a Swedish government minister which stated that a decision regarding the application is "in preparation". The minister added that it was not able to suggest when a decision is expected to be taken, however.
The mine is located in a region of land resided by the indigenous Sami people, who have previously resisted further operations at Kallak.
"If there is one thing that the coalition partners in government appear to agree on when it comes to mining applications, it is that Swedish law should determine whether an application is successful or not. The government needs to decide on Kallak. Politics and emotion have no place in such a decision, if Sweden's laws are to be 'worth the paper they are written on'," Budge said.
He added: "On this subject, the inclusion of Sami in regional development in Sweden, permitting, sustainable mining, supply chain transparency, the green economy and the fossil free economy, Beowulf is an active participant and contributor to the debate. We are in Sweden for the long-run, to work in partnership with the communities in which we operate."
The company said that Swedish media reports last week which stated the company has decided to take legal action against the government, were "incorrect and premature".
"Beowulf is in the business of exploring for and developing mining projects. We are not in the business of fighting legal battles, but if forced to do so, to get just resolution, then we will act accordingly," Budge explained.
Shares in Beowulf were 1.9% higher at 4.54 pence each in London on Thursday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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