25 May 2012

Beowulf faces reindeer challenge

17/01/2012 Robert Tyerman

Sweden-focused Beowulf Mining (BEM) faces a delay in drilling its Kallak iron ore project because of objections from local reindeer herders. Representatives of the indigenous north Swedish Saami community want the AIM-quoted company to delay its drilling programme until May to allow the reindeer to go through.

Beowulf, which raised £6.7 million in November to develop Kallak and a Swedish gold and copper project, Bellek, is talking to local people with traditional grazing rights to seek an acceptable compromise, says entrepreneurial executive chairman Clive Sinclair-Poulton. Arguing that nowadays reindeer are more often transported by lorry anyway, he notes that the local landowners have agreed to the drilling plans, but says the Saami National Council often raises objections to such projects, citing an Australian mining company Scandinavian Resources, which has sought a ruling from Sweden's Mining Inspector in a similar case.

Growth Company Investor recommended Beowulf shares at 2.38p in 2009 and last year suggested partial profit taking at 59p. The shares now languish at 11.63p and could be volatile in the short term.

Tags: AIM market, Clive Sinclair-Poulton, Iron ore, Kallak, Reindeer herding, Saami National Council

Sector: Mining

Companies: Beowulf Mining

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