Beowulf Mining PLC Management Update on Kallak (8381C)
February 13 2020 - 2:01AM
UK Regulatory
TIDMBEM
RNS Number : 8381C
Beowulf Mining PLC
13 February 2020
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
13 February 2020
Beowulf Mining plc
("Beowulf" or the "Company")
Management Update on Kallak
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, provides a management update on its Kallak
Iron Ore Project ("Kallak").
The Board met in Stockholm on 12 February 2020 and was updated
by the Company's legal advisers. At this time, no decision on legal
action against The Government of Sweden (the "Government") has been
taken. Media reporting in Sweden last week, following the Company's
announcement on 3 February 2020, was incorrect and premature. All
options to take legal action remain under active consideration. The
Board is satisfied that the Company's application for an
Exploitation Concession (the "Concession") for Kallak fully meets
the requirements of Swedish mining and environmental
legislation.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"Beowulf is in the business of exploring for and developing
mining projects. We are not in the business of fighting legal
battles, but if forced to do so, to get just resolution, then we
will act accordingly.
"Sweden's reputation as a low risk mining jurisdiction is being
damaged. Investor confidence can only be restored if the Government
honours the investments and work done by companies applying for
licences and concessions, in accordance with the laws of the
Country.
"If there is one thing that the coalition partners in Government
appear to agree on when it comes to mining applications, it is that
Swedish law should determine whether an application is successful
or not. The Government needs to decide on Kallak. Politics and
emotion have no place in such a decision, if Sweden's laws are to
be 'worth the paper they are written on'.
"A response to the letter I sent on 19 December 2019 to Minister
Ibrahim Baylan arrived several hours after the Company's
announcement last week. The State Secretary wrote that the
"decision regarding the application is currently in preparation and
I am afraid that we are not able to comment on when a decision is
expected to be taken".
"How can any mining company consider Sweden a low risk
jurisdiction for investment, when looking at the Kallak process?
Beowulf has been allowed to invest SEK 80 million over almost
thirteen years and the Government sits on the application since
July 2017, offering nothing in terms of transparency and
predictability of process and timeline to a decision.
"On Tuesday morning in Stockholm, I participated in a meeting
discussing the 'Mining industry and indigenous peoples:
regulations, best practice and social innovation', a research
project under the strategic innovation programme SIP STRIM
(Strategic innovation programme for the Swedish mining and metal
producing industry).
"On this subject, the inclusion of Sami in regional development
in Sweden, permitting, sustainable mining, supply chain
transparency, the Green Economy and the Fossil Free Economy,
Beowulf is an active participant and contributor to the debate. We
are in Sweden for the long-run, to work in partnership with the
communities in which we operate and to make a positive difference
in society.
"I look forward to keeping the market updated on further
developments with Kallak."
Enquiries:
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 3771
Officer 6993
SP Angel
(Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev Tel: +44 (0) 20 3470
0470
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.
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END
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