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Beowulf raises £1.5m for Sweden, Finland projects

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Exploration and development company Beowulf has raised £1.5-million to support its iron-ore, polymetallic and graphite activities in Sweden and Finland, the Aim-listed company reported on Wednesday.

The funds will be used for a scoping study on the Kallak magnetite iron-ore project and to support the 2017 Åtvidaberg polyemetallic exploration programme in Sweden. Its exploration and development activities in Finland will also benefit from the funds raised.

“I have been back in Jokkmokk [Sweden] this week, continuing to share our vision for Kallak, and what we believe a modern and sustainable mining operation could positively do for Jokkmokk’s future,” commented CEO Kurt Budge.

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In April, Beowulf presented an analysis of the indirect effects of a mining operation at Kallak on Laponia with respect to reindeer herding, and the effects of transport on Laponia.

The company appointed Naturvårdsverket and Riksantikvarieämbetet to carry out a heritage impact assessment in the area. The analysis, which followed United Nations Educational, Scientific and Cultural Organisation guidelines, highlighted that a mining operation at Kallak will have no direct impact on Laponia.

Budge noted that Beowulf was waiting for the County Administrative Board’s response to the Mining Inspectorate, which is expected by June 16.

Kallak is 13.6 km2 compared with Laponia’s 9 400 km2 and, at its closest point, Kallak is almost 34 km away from Laponia.

Source: miningweekly

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