(Alliance News) - Beowulf Mining Ltd on Monday invested a further GBP100,000 in metal exploration firm Vardar Minerals Ltd, raising its stake by 1%.
The investment raises the Nordic-focused exploration and development company's ownership in Varda to 49% from 48%.
Beowulf invested GBP200,000 in Vardar in February so it could "hit the ground running with drilling" in Kosovo with lead-zinc targets at Wolf Mountain and gold targets at Majdan Peak. The company said this hasn't been possible due to delays in licence approvals.
Vardar submitted licence renewal applications on Friday last week but still need final confirmation from the Independent Commission on Mines and Minerals in Kosovo. Delays are due to Covid-19 and Kosovo's parliamentary elections in February affecting the ICMM selecting a new board.
However, the ICMM approved the building of access roads and drilling platforms ahead of Vardar's planned drilling at Wolf Mountain and Majdan Peak.
"The company was pleased to see another democratic election take place in Kosovo earlier this year and we have had to be patient while the new government takes office and learns about the importance of Kosovo's developing mining sector," said Beowulf Chief Executive Kurt Budge.
"Vardar and Beowulf have been working with the British Embassy in Pristina, and other exploration companies, to ensure that the government understands the excessive time we have been waiting for licence approvals and the importance of giving investors in Kosovo confidence in legal and regulatory processes."
Budge added that Vardar is adjusting its plans "for an intense drilling programme" in autumn, by which time it hopes a new ICMM board will be in operation.
Shares in Beowulf were up 2.7% at 3.85 pence in London on Monday.
By Josie O'Brien; josieobrien@alliancenews.com
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Beowulf (BEM)