rns - "shocking"29 Nov 2018 07:10
"Regardless of the delays in the formation of the Swedish Government, and therefore the decision to grant approval for the Exploitation Concession for Kallak, Beowulf has continued to promote the benefits that a modern and sustainable mine at Kallak could bring to the local community in Jokkmokk. Additionally, we have now published the Copenhagen Economics Study, completed in September 2017, in Swedish, to communicate more widely the transformational economic opportunity that Kallak creates for Jokkmokk, with the prospect of a thriving, diversified and sustainable economic future for the municipality.
"It is quite poignant that just over three years ago, the Mining Inspectorate recommended to the Government that the Kallak Concession be awarded. Since then, we have had twists and turns in the review process, and in summary, shocking handling of our application, which Swedish observers accept.
"It is interesting to see the media attention given to LKAB's recent statement on diminishing reserves at Kiruna and the need to replenish. It seems that iron ore is important to Sweden, so we hope this focuses the mind on Kallak, Europe's largest defined and unexploited iron ore deposit in which the Company has invested over SEK 77 million and which, since February 2013, has been designated as an Area of National Interest by the Swedish Geological Unit.
"It cannot be that the investment made in Kallak, and the substantial amount of work completed by Beowulf, including drilling over 28,000 metres, is insignificant to future iron ore production in Sweden and the economy in Norrbotten. The Company maintains that our application has fully met the requirements for being granted an Exploitation Concession, in accordance with Swedish law, so we believe that the facts of our case will prevail, and see a Concession awarded.
"Looking to Finland, during the period, we achieved an important milestone at Aitolampi, delivering a Maiden Resource Estimate, and as we continue to work on our portfolio of graphite prospects, we are well placed to establish a 'resource footprint' of graphite, that could support the developing battery manufacturing sector in Finland and satisfy the country's ambition to be self-sufficient in the production of battery minerals.
"More recently, our investment in Vardar, a private company focused on exploration in the Balkans, provides diversification into a new geography and gives us exposure to highly prospective exploration licences. Stepping into a new country like Kosovo, only makes sense if you are collaborating with a competent team, which we have in Vardar's founders and experienced technical and support personnel on the ground in the country.
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