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Beowulf Mining PLC - exploration and development of gold, copper, lead and zinc - Chief Executive Officer Kurt Budge sends letter to Ibrahim Baylan, Sweden minister of Enterprise & Innovation, about Beowulf's long-running Kallak licence application. Makes reference to letter from UNESCO last week, which Beowulf says had been "hands of members of the Swedish public" before company had even received letter. "The company's share price fell over 10% last week" as a result, Budge notes.
"During the last six years, there have been several occasions where 'market sensitive' information has been made public before Beowulf has been informed. Each time damage has been caused to the company's share price, individual's investments, including Swedish shareholders who now own 72% of the company, and Sweden's reputation as a country in which to do business," Budge complains.
The CEO adds that since the Kallak application was returned to Swedish government mid-2017, "there has been no transparent or predictable process", and notes that in September 2019, government said a decision was "forthcoming". Budge rounds off letter by asking when decision on concession is to be taken.
Current stock price: 3.92 pence, down 3.1% on Tuesday
Year-to-date change: down 18%
By Eric Cunha; ericcunha@alliancenews.com
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