Member Info for Pocko

From a high of 1.08... without netfonds it’s hard to see where it will go today. Oh the joys...

-3.77% -0,04kr

BEOWULF MINING
Beowulf still hopes for Kallak message before the summer - the cover of the government (Finwire)
2019-06-17 15:39
Beowulf Mining has not received any information about when a message about the application for the quarantine permit in Kallak comes, but the company still hopes that it will come before the summer. That says CEO Kurt Budge to Finwire.

The application to start breaking iron ore in the Kallak project in Jokkmokk has been ballasted between authorities since 2013, but in mid-April, Beowulf Mining stated that the application had been given priority status and that the company expected a decision on the issue "before the summer".

On Monday, the company has driven just over 17 percent as the most traded stock at Spotlight Stock Market. This is after speculation that a decision can come now on Thursday, which is the weekday that the government meets.

Speculation has also been intercepted by other stakeholders, including the Director General for Nature Conservation Society Karin Lexén, who on Saturday stated on Twitter that "there are rumors of government decisions on Gallok / Kallak on Thursday".

The origin of the rumor is unclear, but at a mining conference organized by the OECD on Thursday, Nils-Olov Lindfors, the chairman of the Center Party Norrbotten and regional council responsible for regional development, said that a message from the government is to wait "maybe today or maybe next Thursday".

The regional council states that he does not know more about when the message is to wait than anyone else.

"It was speculated that a decision is imminent, and then we thought it might come on Thursday, but it didn't," he told Finwire.

So you have no insight into the decision-making process?

- No, it's very quiet.

The decision is on the government office's table, which does not want to comment on when a message can come:

- The matter is still being prepared and we will return when we have something to say about it. We can not tell when, says Minister of Industry Ibrahim Baylan's Press Secretary Sara Khatemi.

Beowulf has not heard anything new about the process. However, the company's CEO Kurt Budge tells Finwire that a decision should come soon, considering that the new government has now been installed for six months, and that the company is still hoping for a decision before the summer.

Anton Wilén
anton.wilen@finwire.se, 0765-46 64 41
News agency Finwire

I’d love a genuine rise on the back of news. But the fact is, whether we like it or not, is that Budge is the only person to have legitimately and legally mentioned Summer in the form of an RNS. Whether with basis, or simply careless words, the rest I believe is Chinese whispers on the back of that. To reiterate, the poster called AndyDuFresne had stated that the government continue to meet on Thursdays year round, irrespective of whether parliament is in recess (and we don’t actually have a date for that either). He/she has proven to be quite accurate in their postings to date. I hope I am off the mark, because quite frankly, we need a decision.

Based on a bit of rumour... ‘Summer’ is vague don’t you think? Great for the traders though?

True...

Facebook is all a flutter with it... but I suspect she’s merely working to a spurious date? AndyDuFresne has posted that the government sits all summer, and keep to their regular Thursday meetings. He’s proven to be accurate in most things so far. I would love a decision this week, but there has been no indication that there will be..,

It sounded hypothetical to me... could be today, tomorrow or next year. The panel was generally talking about transparency.

The OECD conference https://www.youtube.com/watch?v=l_O6I2eW4vw&t=331m30s

And in fairness, ADF has been quite accurate with his musings...

Not next week necessarily... If you see a post from AndyDuFresne earlier in the week, he clarified that the Government continue to meet every Thursday during the summer, irrespective of parliamentary recesses. So ‘Summer’ is quite broad, which doesn’t help particularly...

It was in jest... you’ll note the lack of quotation marks ffs? Lol! It would be progress though - Wouldn’t it? Pmsl...

And it would appear the excitement has receded on the Spotlight in Sweden...

And as ever, it’s not clear if we are expecting an actual decision, or whether he was talking hypothetically, as though s decision could arrive today, tomorrow or next year? Was he just using the dates as an example of the lack of understanding and transparency?

Completely in jest tintin35... lol

https://www.centerpartiet.se/lokal/norrbotten/startsida/kontakta-oss/nils-olov-lindfors

I don’t believe you EricDraven... lol

Thanks tintin35... And hot off the press, in response to overwhelming criticism from the Swedish Mining Industry, the Swedish Government has announced the creation of a Task Force to complete a review of the permitting process in Sweden. The report is expected to be completed in September 2020.

True... assuming that the application is actually being scrutinised. But we don’t know that it is, do we? Only being prioritised... which could actually mean that it is being prioritised (currently being worked on), or indeed cheap words to fob our CEO off!

We don’t have cash to burn... and time is slowly killing this off. We know it’s a great asset, and despite some of my criticisms of Budge, I am broadly supportive of him, and he has at least professionalised the company. But we simply cannot wait forever... Patience is all well and good, but it costs cash. We are being slowly choked before we’ve even got going. Investors are in this for Kallak, and presumably to get return on their investments? I’m in a lucky minority and in the black. But plenty are not... Like it or not, Budge is responsible for delivering shareholder value - Not the government or the Sami - Budge. And hasn’t to date. That’s not to say he won’t, and I’m very much still invested in this. Emotional too unfortunately... Time will tell, but that simply means more waiting as that seems to be the only plan.