-- adds broker comment--
Beowulf Mining (LON:BEM) will have to wait until the New Year for a decision on its mining permit application at Kallak North in Sweden.The Swedish mining inspectorate has told the company it will now make a decision in January.
Kurt Budge, Beowulf’s chief executive, said: "I am disappointed that we continue to wait for the Mining Inspectorate of Sweden's decision, but I am satisfied that the Inspectorate is diligently reviewing all aspects of the company's application and encouraged by the constructive dialogue between our organisations.
“The timing of the Inspectorate's decision does not affect the company's objectives for the development of Kallak."
The Kallak North iron ore deposit is 40km west of the Jokkmokk municipality centre in Northern Sweden.
Broker Cantor added Beowulf has been encouraged by the constructive dialogue it has had with the inspectorate in recent times.
“Assuming the Inspectorate approves the company's application, the team can push on with the appraisal of the Kallak project and search for a strategic partner after the recent JORC resource update.
“Work should also continue on the company's Ballek copper-gold exploration project.
‘Buy’ remains the broker’s stance.