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(Sharecast News) - Beowulf Mining announced on Friday that its wholly-owned Finnish subsidiary, Grafintec, has been granted an extension for the advance reservation of Plot 1, Block 3017, in the GigaVaasa area.
The AIM-traded firm said the extension would allow Grafintec to establish a graphite anode materials plant (GAMP) in the region.
It said the municipality of Korsholm approved the extension on 28 June.
The extension, which would remain valid until 31 January next year, came with the option to further extend the reservation.
"The extension of the advance reservation in the GigaVaasa area is a recognition of the good progress we have made in the past few months, and is an important milestone towards our ambition of becoming one of the Europe's first producers of graphite anode materials for the fast-developing European battery market," said Grafintec managing director Rasmus Blomqvist.
"During the first half of this year, we have been progressing the first stage of the process design for the prefeasibility study for the GAMP, which we expect to release in the third quarter of the year."
Blomqvist said Grafintec had also started the work streams for the environmental impact assessment, having appointed AFRY Finland Oy.
"Both the prefeasibility study and environmental impact assessment are key pieces of work that will fast-track the establishment of the GAMP."
At 1210 BST, shares in Beowulf Mining were up 2.97% at 1.7p.
Reporting by Josh White for Sharecast.com.
