Beowulf Mining PLC Grafintec Update (2559X)
August 25 2022 - 7:20AM
UK Regulatory
TIDMBEM
RNS Number : 2559X
Beowulf Mining PLC
25 August 2022
The information contained within this announcement is deemed to
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25 August 2022
Beowulf Mining plc
("Beowulf" or the "Company")
Grafintec Update
Beowulf (AIM: BEM; Spotlight: BEO) announces that its 100 per
cent owned Finnish subsidiary Grafintec Oy's ("Grafintec") Joint
Venture ("JV") Heads of Terms signed on 6 December 2021 with
Epsilon Advanced Materials Private Limited ("EAMPL") has been
terminated by EAMPL.
Grafintec remains in a Memorandum of Understanding ("MoU") with
the City of Vaasa and EAMPL for the establishment of an anode
materials production facility to be located in the GigaVaasa area,
Plot 18.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"While it is disappointing that our collaboration with Epsilon
has come to an end, Grafintec maintains its ambition of creating a
sustainable value chain in anode materials production, leveraging
renewable power, and targeting net zero CO(2) across the supply
chain.
"Grafintec continues to benefit from the significant support of
Business Finland and broader collaboration with participants in the
Finnish Battery Cluster and GigaVaasa team. Grafintec will do all
it can to bring anode materials production into the GigaVaasa
battery value chain.
"Grafintec has several discussions taking place regarding future
developments and I look forward to providing further updates to the
market on our progress."
Enquiries:
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 7583
Officer 8304
SP Angel
(Nominated Adviser & Broker)
Ewan Leggat / Stuart Gledhill Tel: +44 (0) 20 3470
/ Adam Cowl 0470
BlytheRay
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
forecast .
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END
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