Shares jump as Beowulf's Kallak deposits are designated 'Area of National Interest'

Shares in AIM-listed mineral exploration company Beowulf Mining rose after the company reported that its Kallak deposits had been designated an 'Area of National Interest' for minerals by the Swedish Geological Society.

Shares in AIM-listed mineral exploration company Beowulf Mining rose after the company reported that its Kallak deposits had been designated an 'Area of National Interest' for minerals by the Swedish Geological Society.

The designation affords protection, to the extent possible, against competing land use and measures that may hinder future potential mineral extraction in the Kallak project area.

Beowulf Mining reported that the designation had been granted because the Swedish Geological Society deemed that the area contained "deposits of substances or minerals of national interest".

Clive Sinclair-Poulton, Executive Chairman of Beowulf Mining, commented: "We are delighted with the SGU's [Swedish Geological Society's] decision to designate our Kallak deposits as an Area of National Interest with respect to its valuable mineral content.

"The designation should be taken into account by the relevant Swedish authorities when assessing the group's future Kallak permitting applications and be of great assistance as we proceed to prove up the project's significant iron ore potential."

Beowulf is focussed on developing its Kallak North and Kallak South iron ore deposits in northern Sweden.

The Kallak project currently covers a total area of approximately 161.67 square kilometres, comprising seven separate licences.

According to the Swedish Geological Society, Sweden is currently the largest producer of iron ore in the EU with over 26m tonnes of the mineral produced in Sweden from four mines during 2012.

Following a day-high of 13.49p per share, Beowulf Mining's share price was up 2.94% to 13.12p at 11:51 on Monday.

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020