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Beowulf Mining posts a loss as it develops Sweden, Finland prospects

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Beowulf Mining posted a first half loss as it continued to develop its Kallak metals prospect in Sweden and a graphite portfolio in Finland.

Pre-tax losses for the six months through June were £442k, compared to losses of £467k on-year.

‘While an imminent decision on Kallak has been delayed by the Swedish general election, the company has pushed ahead with the Aitolampi graphite project, most importantly delivering a maiden resource estimate,’ chief executive Kurt Budge said.

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‘In early September, the company has meetings planned with key decision makers in the Heinavesi area, to discuss Aitolampi, and is preparing to initiate a scoping study on the project.’

‘It was pleasing to raise £1.5m in the quarter, albeit at a price negatively impacted by a delayed decision on Kallak, as it maintains our capability to invest across our portfolio.’

Source: stockmarketwire

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