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Beowulf Mining PLC shares tank as its most advanced Swedish project dealt a bitter blow

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The county administrative board for Norrbotten in Sweden has not recommended to the government an exploitation licence for the Kallak North project.

Beowulf Mining plc saw shares tank nearly 39% in early London deals as its most advanced project was dealt a bitter blow.

The county administrative board for Norrbotten in Sweden has not recommended to the government an exploitation licence for the Kallak North project.

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“Beowulf are reviewing the response in detail and will update the market as and when appropriate,” the firm said in a brief regulatory statement after market close on Thursday.

Kallak is a magnetite iron ore deposit

Shore Capital, in a note this morning, said: “Oh dear. The County Administrative Board for Norrbotten County has decided not to play ball.”

Kallak is mainly a magnetite iron ore deposit in northern Sweden. It has a JORC compliant indicated resource of 118.5 million tonnes at 27.5% iron and an inferred resource of 33.8 million tonnes at 26.2% iron.

Beowulf shares slid 38.82% to 6.50p.

Source: proactiveinvestors

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