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On this basis and after taking into account that KEFI has already invested nearly all of its contribution to the Project equity, KEFI's 45% beneficial interest is US$130 million (approximately £101 million), about eight times the current market capitalisation of the Company.
Also, less dilution - great news!

Abundant hydrocarbon shows were observed while drilling consistent with the shows observed in the previous side-track which had a successful short term flow test.

That was about 3,500 BPD if I recall correctly - well over double present output!

- During my five years as CEO, the Kallak project has consisted of dead time. The authorities are constantly demanding that we revise our plans with regard to Jokkmokk's cultural heritage, reindeer husbandry and indigenous peoples' interests. And we have done that, because it is important to have a constructive dialogue with the locals. But no matter how much we supplement our planning documentation, new problem areas always emerge, says Kurt Budge, CEO of Beowulf and continues:

- At companies, we work with facts. In this case, it should be pretty simple. If we do our job, comply with all legal requirements and also receive support from Jokkmokk's municipality and business, we should be approved processing license.

That is not to say that the government has not paid attention to the problem. In an interview with fPlus, Business Minister Ibrahim Baylan (S) points out precisely the mining industry as a special case when it comes to regulatory hassle.

- In the mining and minerals industry, companies testify to an increasingly unpredictable process. It is not primarily about environmental requirements and such, but rather it is the predictability of the process when the company wants to take action or start work. We are looking at that area more closely today, he said.

Was denied meeting with Baylan
This is insufficient, says Beowulf's CEO Kurt Budge, who was recently denied a meeting with Baylan to discuss the Kallak process. For him, many questions remain unanswered.

- I want to know what we need to do in order to move forward. At this point, you may think that at least we should have been given more transparency and a clearer schedule, he says.

While the mining industry is stomping on water, Sweden has lost its reputation on an international level. Between 2016 and 2018, Sweden fell from place 8 to 21 in the Canadian think tank Fraser Institute's annual ranking of mining nations.

- Sweden is becoming an increasingly attractive country for mining investments. It is not only serious for the industry but for the whole of Sweden as metals and minerals are the start of long growing value chains in the country, says Svemin's CEO Maria Sunér Fleming.

The situation does not get any better from the fact that officials and politicians who are members of the government-bearing parties are crossing the line, she says.

- There is a growing culture of government to look at environmental policy issues. It is also unfortunate that Amanda Palmstierna, MP's mineral policy spokesperson, was recently criticizing Beowulf's application, she says.

It has long been a recognized issue that the metals used for our mobile batteries, refrigerators and computers are mostly extracted in underdeveloped countries where people work in extremely difficult working conditions. If Sweden wants to play a role in escalating this development, politicians must begin to open the doors to the mining industry, says Maria Sunér Fleming.

- We are facing a hu

Now the mining crisis is deepening - the pressure is increasing on the government
The mining industry warns that slow licensing processes will weaken Swedish competitiveness. It paves the way for the miners to put new pressure on Business Minister Ibrahim Baylan (S) during tomorrow's annual industry meeting. "It's time for action," says industry representative Maria Sunér Fleming.

The need to extract materials that can be used in green technology has led to dramatic mineral and metal hunting in Sweden over the past three years. At present, companies and players have been granted permission to survey more than 600 sites. Last year, a total of SEK 782 million was invested in exploration. Only once before has so much money been invested - it was before the last mining boom, reports SVT.

But many plans run the risk of being crushed due to the slow state processes. In fact, not a single so-called "green-field" mine (speculative exploration with the hope of finding a potential mineral) has been able to open in Sweden for the past 12 years, says Maria Sunér Fleming, CEO of Svemin, the industry organization for mines, minerals- and metal manufacturers.

- In practice, it is almost impossible for a mining company to move forward nowadays. First, it must be licensed for processing concession, which only gives companies the right to exploit minerals. Then an environmental permit is required, she says.

Everything gets even trickier when several players are involved. Unless the county administrative board, the Bergstaten, the landowner and the land and environmental court can agree on the permit issues, the mining company is at risk of falling into a total deadlock.

The project has consisted of dead time
The British mining company Beowulf has become a type example. Six years ago, the company applied for a processing license to mine iron ore in Kallak outside Jokkmokk. But after disagreement between the county administrative board and the Berg State, the decision has now been left to the government. There it has been since summer 2017.

Glad that's over with.....let's move on now - fully funded and huge assets to exploit

excellent news - also establishes principle that they owe us Big Money and they have to pay it!

This is the first realistic day when we could possibly hope for news of funding. There are always delays in this sot of thing but I would be very surprised if we don't get the funding in the next week.

Good grief - Never thought we'd ever sell that what with all the problems trying to get a licence and local opposition - and a decent price! - are we making a profit on this? wow.....
and £30,000 even if it collapses?

Why did you end up in this situation?
“Several different driving forces, but one is that we have a very sectoral exercise of authority where each authority takes its small, narrow responsibility, without anyone weighing together the overall impact of a mine. Instead, each sector drives its questions to the court to obtain a precedent that should apply generally to everyone in very complex issues, ”says Jan Moström.

For over five years, Boliden has been waiting to know if the company has the right to evaluate the potential for copper deposits in Laver through a so-called processing concession. Laver is estimated to be able to create several thousand new jobs in Norrbotten in what would become one of Sweden's largest mines. After rejection from the Berg State, the question lies on the government's table. There is also a complaint from the British Beowulf Mining about the iron ore project in Kallak, which has been awaiting notification since the application was first submitted in April 2013

. We have little opportunity to influence and the government can in principle sit on this matter for any length of time according to Swedish legislation, ”says Boliden's CEO Mikael Staffas.

In connection with the ministerial meeting, the mining directors handed over a joint letter together with the governors of Norrbotten and Västerbotten. According to Mikael Staffas, the companies and regions agree that the government must take overall responsibility for the issue.

"It is a lock in the government that Baylan has to deal with. You make politics out of processes that should not be politics. We solve what we can ourselves, but only a small part of the process is available to us, ”says Mikael Staffas.

Boliden and LKAB are the hub of the Swedish mining cluster, which has contributed greatly to the fact that engineering companies such as Epiroc and Sandvik have become world leaders in mining equipment. Industrial giants such as ABB and AB Volvo also work closely with the Swedish mining companies in their product development.

“They have managed to build such strong positions that they are completely dominant in the world and do much of their product development with us. Should the Swedish mining cluster disappear, would Sandvik and Epiroc die from it? No, but they might move their business abroad, ”says Mikael Staffas.
honeymoon is over - damn right....

Mining managers alert: The entire industry is threatened - "Baylan's honeymoon over" The hub of the Swedish mining cluster, LKAB and Boliden, alarms that uncertain state processes threaten the entire industry. They can reveal that the miners' CEOs on Thursday held a crisis meeting with Business Minister Ibrahim Baylan (S).

“Ibrahim Baylan has had his hundred days, the honeymoon is over. It's time to start acting, ”says Boliden's CEO Mikael Staffas.

MARIA PHILLIPS
Published: November 17, 2019, 20:53 This
article is about: The Red-Green Government Policy Ibrahim Baylan LKAB Boliden

Minister for Enterprise and Industry Ibrahim Baylan (S).
Photo: Jack Mikrut; Martina Huber
The uncertainty surrounding the state testing of Swedish mining projects is considerable and has worsened over time, according to several voices in the industry. Now the mining giants LKAB and Boliden alert BOL + 1.62% for the situation has become unsustainable and addresses sharp criticism of the government. This week, the company's CEOs held a meeting with Business Minister Ibrahim Baylan and made demands for increased legal certainty regarding the processes.

“Ibrahim Baylan has had his hundred days, the honeymoon is over. We can understand that it may take a while to read up on the issue, but now is the time to start acting, ”says Boliden's CEO Mikael Staffas.

Long government processes with poor transparency and uncertain outcome characterize both applications for new permits and re-examination of existing operations. Matters are thrown between the Bergstaten, the county administrative boards, the National Antiquities Office and the government without a final decision.

“This is a big risk and the biggest challenge the mining industry is facing right now. We cannot rule out that one or more of our mines will sooner or later be forced to stop because we are stuck in the regulations, ”says LKAB CEO Jan Moström.

One consequence of the uncertain situation is that the willingness to invest in Swedish mining projects is reduced. One measure of this is the Canadian think tank Fraser Institute's annual report, where Sweden is now ranked 21 in terms of attractiveness as a mining nation from having held an eighth place two years earlier. In the sub-index for legislation, Sweden has fallen from place four to place seven in one year.

The permit for the entire LKAB's operations in Kiruna will be reviewed by the Land and Environmental Court. Boliden is in a similar situation in that Sweden's largest mine, Aitik, will expand geographically. Since the permits for the mines were last tested, decision-making authorities have new EU legislation to deal with with unclear implementation.

“What we call for in the permit issue is definitely not milder environmental and climate regulations, but predictability - what we call efficient and legal processes. It is crucial if we want a continued mining industry in Sweden that is driving the global climate change and being a

have we sold at a profit or loss here? Is it only if Casa does the business later on that we get the full wodge?
still, at least there won't be a need for placings in the near future - and we have a few other assets to sell as well..

Those assay results should be really exciting...

bit of profit taking going on - to be expected.

2.1p now

1.83p now

lost a couple of grand on the previous useless lot who found Tulu kapi - averaged down last week luckily - I think they said funding likely next week and 20p next year? Really excited about the Saudi investment as well.

finally at 1.65P - been here for years! profit all the way now...

1,5p paid now - flying....

so only 13 times our current market price? And the money owed and the other projects? Could be worth a flutter.....

I wonder if it means we get the opportunity to match the highest bidder then get it? Which then begs the question, what if the bids were derisory or no bids? Either way, it's no bad thing to have.

what does first refusal actually mean? Can we make a low offer and they have to accept it? Or is simply a nod to us to make a bid which can then be ignored?