TIDMBEM
RNS Number : 9398W
Beowulf Mining PLC
15 February 2017
The following amendment has been made to the 'Kallak North
Exploitation Concession Update' announcement released on 15.02.17
at 7am under RNS No 8654W.
On the third point in the Company's letter to the Mining
Inspectorate, the date should be 1 October 2014 not the 1 July
2014.
All other details remain unchanged.
The full amended text is shown below.
15 February 2017
Beowulf Mining plc
("Beowulf" or the "Company")
Kallak North Exploitation Concession Update
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Beowulf (AIM: BEM; AktieTorget: BEO), the mineral exploration
and development company, focused on the Kallak magnetite iron ore
project and the Åtvidaberg polymetallic exploration licence in
Sweden, and its graphite portfolio in Finland, has written to the
Mining Inspectorate of Sweden, and provided comments on the
statement made on 1 February 2017 by the County Administrative
Board ("CAB") for the County of Norrbotten.
In the Company's letter to the Mining Inspectorate, we have
stated that:
- the Company's application for an Exploitation Concession for
Kallak North includes a technical description, covering the
Concession Area, the actual deposit to be mined, and the
operational facilities necessary to support mining. It also
includes a comprehensive Environmental Impact Assessment ("EIA"),
where all activities and their potential effects have been
described;
- the EIA and other relevant documents have already been
reviewed by the CAB, and other stakeholders, during the period from
April 2013 to October 2014, and the Company has responded to all
comments made;
- on 1 October 2014, the CAB confirmed that the Company's EIA
was sufficient with respect to Chapters 3, 4 and 6 of the
Environmental Code and, on 7 July 2015, the CAB wrote to the
Government of Sweden indicating that the Company's EIA application
could be permissible with respect to Chapters 3 and 4 of the
Environmental Code;
- the CAB's statements must be interpreted as if the CAB has no
objections to the granting of an Exploitation Concession, given
that the assessment of the application, under the prescribed
process, should only include the Concession Area, the actual
deposit to be mined;
- we do not understand the legal basis for any process involving
United Nations Educational, Scientific and Cultural Organisation
("UNESCO"), when considering the Company's application for an
Exploitation Concession. The interaction between Kallak and
Laponia, which is 33 kilometres away at its closest point, is
something that should be assessed under environmental permitting;
and
- within the Concession Area, there are no conflicts where
national interests are considered, a fact stated by the CAB in July
2015, and for the areas taken by operational facilities necessary
to support mining, there are also no conflicts where national
interests are considered. Since February 2013, Kallak has been
designated an Area of National Interest ("ANI") for its minerals
and metals, affording it protection against competing land use, and
measures that may hinder future potential mineral extraction.
Kurt Budge, CEO, commented:
"The last two weeks have introduced more uncertainty into the
application process, which we feel is unwarranted.
"We have followed the requirements set out by The Mining Act and
Environment Code and, by fulfilling those requirements, we believe
we should be awarded an Exploitation Concession.
"It is now almost four years since we submitted our application,
and in the absence of the Norra Kärr judgement, we believe, because
our application has met the requirements of the prescribed process,
and can deliver jobs and economic benefits to Jokkmokk and the
County of Norrbotten, we should have been awarded the Concession in
early 2016.
"In July 2015, we received the support of the CAB for our
application, and in October 2015 the recommendation of the Mining
Inspectorate, to the Government of Sweden, that the Concession be
awarded.
"We trust the Mining Inspectorate, as adjudicators of the review
process, to ensure that our application is dealt with fairly and in
accordance with the prescribed process.
"Two weeks ago, I was in Jokkmokk for the Winter Market and met
with people who recognise Kallak's potential to give the town the
thriving, diversified and sustainable economy it seeks.
"Next week I will be back in Jokkmokk to meet with key
stakeholders, to discuss our immediate plans should Beowulf be
awarded the Concession, which would include undertaking a Scoping
Review, discussing the partnerships that will need to be forged to
deliver a successful project and sharing, in more detail, the
vision we have for Kallak.
"While the Company remains hopeful of an award of the
Exploitation Concession, there can be no guarantee if, or when, the
Concession might be awarded. We continue to press for an expedient
decision."
Enquiries:
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 3771 6993
Officer
Cantor Fitzgerald Europe
(Nominated Advisor & Broker)
David Porter/Craig Francis Tel: +44 (0) 20 7894 7000
Blytheweigh
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204
Cautionary Statement
Statements and assumptions made in this document with respect to
the Company's current plans, estimates, strategies and beliefs, and
other statements that are not historical facts, are forward-looking
statements about the future performance of Beowulf. Forward-looking
statements include, but are not limited to, those using words such
as "may", "might", "seeks", "expects", "anticipates", "estimates",
"believes", "projects", "plans", strategy", "forecast" and similar
expressions. These statements reflect management's expectations and
assumptions in light of currently available information. They are
subject to a number of risks and uncertainties, including, but not
limited to, (i) changes in the economic, regulatory and political
environments in the countries where Beowulf operates; (ii) changes
relating to the geological information available in respect of the
various projects undertaken; (iii) Beowulf's continued ability to
secure enough financing to carry on its operations as a going
concern; (iv) the success of its potential joint ventures and
alliances, if any; (v) metal prices, particularly as regards iron
ore. In the light of the many risks and uncertainties surrounding
any mineral project at an early stage of its development, the
actual results could differ materially from those presented and
forecast in this document. Beowulf assumes no unconditional
obligation to immediately update any such statements and/or
forecasts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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