Beowulf Mining, the Sweden-focused mineral explorer, says drilling at its Kallak North and Kallak South sites may be delayed until May this year after objections from the local Saami community.
The Saami are a nomadic people living in northern Scandanavia; they say the drilling will affect their seasonal reindeer herding.
Due to these objections work at both Beowulf sites will be suspended as an "ongoing consultation" process with the Saami continues.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company also says Sweden's mining inspector is seeking "to resolve the objections".
The reindeer problem will not be going down well with shareholders, the stock had dropped 13% by 8:45am on news of the delays.
Over the last 12 months Beowulf shares have fallen 79%.
BS
-
How taking a two-year career break could leave a £26k hole in your pensionCareer breaks are increasingly common but it is important to take steps to protect your pension, as gaps compound over time
-
Cash in on your attic: Thousands could be sitting dormant in your storageSelling your valuables at auction could be far more lucrative than you think. We take a look at how auctions work, and some tips to help you maximise your profits
