rns31 May 2019 08:04
While we continue to wait for a decision on Kallak in 2019, the Company has completed a third drilling programme at Aitolampi, with plans now to upgrade the resource for the project and to initiate a Scoping Study later in the year.
"We have also increased our investment in Vardar, which, in recent weeks, has got its 2019 exploration programme underway at Mitrovica, including geological mapping, soil sampling and drilling. I will be visiting Kosovo next week with Rasmus Blomqvist our Exploration Manager to see first-hand the progress being made.
"In challenging market conditions, we have successfully raised £1.25 million this year and received further funding from Business Finland for our graphite business. The Company remains financially strong and is tightly managed to ensure that we efficiently put these funds to work.
"I was in Jokkmokk two weeks ago, meeting with the Mayor, landowners and local entrepreneurs, who, since my visit, have collectively sent a letter to Mr. Baylan, the Minister of Enterprise and Innovation, stressing the importance of Kallak to Jokkmokk's economic future and highlighting the failure of the County Administrative Board for the County of Norrbotten to consider the municipality's financial health when assessing the Company's application.
"On 19 May, I was back in Stockholm with Göran Färm to meet with Emil Högberg, the Secretary of State in the Ministry of Enterprise and Innovation, to again make our case for the award of the Concession. This was the first official meeting between the Company and the Government during my time as CEO. While we have no firm commitment from the Government on the timing of a decision, we were reassured to hear that the Government understands the importance of Kallak to Jokkmokk.
"On 11 June, I will be back in Sweden to attend the 3rd OECD Meeting of Mining Regions and Cities - 'Delivering Green Economies and Skills for the Future' being held in Skellefteå. As demonstrated by the Company's involvement in the OECD's Rural Policy Review 'Linking the Indigenous Sami People with Regional Development in Sweden', the Company is an active supporter of such initiatives, which look to promote effective partnerships with communities and to maximise the benefits that mining can generate for society.
"We continue to share the Company's vision for a modern and sustainable mine at Kallak, that has the potential to positively transform Jokkmokk, and showcases the best of Swedish innovation, design and engineering.
"In the year to date, we have made good progress in Finland and with Vardar. The Kallak process is moving forward, slower than our shareholders and the Company would like, but there are positive developments, visible and strong local support, and we have met 'face to face' with the Government.
"I look forward to keeping the market updated on further developments."