Press release from Companies
Publicerat: 2019-09-19 08:00:00
19 September 2019 Beowulf Mining plc ("Beowulf" or the "Company") Management Update Beowulf (AIM: BEM; Spotlight: BEO), the Nordic focused mineral exploration and development company, provides a management update on the CEO’s recent visit to Stockholm and subsequent letter to Mr. Ibrahim Baylan, the Minister of Enterprise and Innovation of the Government of Sweden. Kallak North (“Kallak”) Last week, the CEO met with advisors, including legal advisors, and the new CEO at SveMin (the Swedish mining industry association). The Company understands that the Government and its ministers have discussed Kallak in recent weeks. The CEO has now written to Mr. Baylan requesting a meeting. In the letter to Mr. Baylan, the CEO made the following points: The letter to Mr. Baylan will be published by the Company once it has been made public by the Government of Sweden. Kurt Budge, Chief Executive Officer of Beowulf, commented: “It is good to know that the Government is discussing Kallak, yet the Company and its shareholders remain in the dark on the process and timeline to a decision, and therefore I have written to the Minister to seek clarity on these matters. “We have respectfully reminded all ministries in the Government that in 2015 the CAB supported the economic case for Kallak, and the Mining Inspectorate recommended to the Government that the Concession be awarded. “I am concerned that weight may be being given to the CAB’s statement from November 2017, and this is a matter I am discussing with advisers in Stockholm. The CAB’s failure to consider the financial health of Jokkmokk Municipality starkly contrasts with the announced budget cuts from the Mayor of Jokkmokk earlier this year and the Government’s regional development agenda, as stated in its “January Agreement”. “Jokkmokk needs investment and jobs, and deserves to have a thriving, diversified and sustainable economy, that includes reindeer herding, tourism, forestry, mining, and the many enterprises that display the town’s entrepreneurial spirit. The endgame is not about building a mine, it is about delivering an integrated plan for Jokkmokk’s economic future, with Kallak as the foundation. “I look forward to keeping the market updated on further developments.” Background to the Norra Kärr Case: See Company announcement dated 18 April 2016: https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/x86ydor Tasman Metal"s Norra Kärr rare earths project (Case 2047-14): On 23 February 2016, Tasman Metals ("Tasman"), now known as Leading Edge Materials, announced that it had been notified of a decision by the Supreme Administrative Court (“SAC”) to cancel its Norra Kärr Mining Lease ("ML"). The ML was granted to Tasman in May 2013 by the Mining Inspectorate and remained in force since that time. Based on a review of the process of granting the ML, the SAC determined that the decision by the Mining Inspectorate was incorrect, as the decision to grant the ML was not adequately supported by environmental studies into a future mining operation. As a result, the Norra Kärr ML was cancelled, and the project reverted to an Exploration Licence. The SAC decision to cancel the ML could not be appealed, but Tasman was left free to re-apply for a ML. Enquiries: Cautionary Statement Statements and assumptions made in this document with respect to the Company"s current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management"s expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf"s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecasts.
Beowulf Mining plc
Kurt Budge, Chief Executive Officer
Tel: +44 (0) 20 3771 6993
SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev
Tel: +44 (0) 20 3470 0470
Blytheweigh
Tim Blythe / Megan Ray
Tel: +44 (0) 20 7138 3204