Beowuld reports progress on Kallak Iron Ore Project

(Sharecast News) - Beowulf Mining updated the market on progress and its plans for the Kallak Iron Ore Project on Tuesday, alongside its wholly-owned Swedish subsidiary Jokkmokk Iron Mines. The AIM-traded firm said the environmental baseline studies for the project were in full swing, paving the way for the completion of the environmental impact assessment (EIA) and the subsequent submission of the environmental permit application.

In addition, a pre-feasibility study (PFS) had been initiated as a crucial step in evaluating the project's viability.

Beowulf said it had appointed SLR Consulting as the lead consultant to oversee that.

Additionally, it reported significant progress in metallurgical test work, with samples thoughtfully selected, eliminating the need for further metallurgical drilling.

Beowulf said it was also actively engaged in the recruitment process for an individual to lead the project's further development, including stakeholder engagement.

"Work is ramping up at the Kallak project - the environmental baseline studies, including monitoring sound, vibration, surface water, and natural values continues, building up the required data for the EIA and environmental permit application," said chief executive officer Ed Bowie.

"In addition, the strategic review of the project is nearing completion.

"A significant advantage of the Kallak iron ore project is the potential to produce a very high-grade, low impurity concentrate."

Bowie said such a concentrate would command a premium in the market as a potential direct reduction feed for green steel production.

"Not only would this deliver significant economic benefits for the project, but also support the decarbonisation agenda.

"Given the importance of the quality of the final product, the Beowulf team, supported by seasoned consultants, has focused on better understanding the metallurgy of the project and, to this end, has selected a significant volume of material to be sent for a range of metallurgical testing.

"The results of this test-work will build into the PFS and hopefully confirm the previous positive results, proving that Kallak can both produce a premium concentrate and support the development of the processing route for the project."

With that phase of the work programme underway, Ed Bowie said the firm had appointed SLR Consulting as the lead consultant to deliver the PFS.

"SLR has significant experience in iron ore projects and the Nordic region.

"The PFS is planned to be completed in the middle of 2024 and to lead into the definitive feasibility study for the project.

"We are working with top industry consultants to ensure we develop a project that meets the highest environmental standards and delivers significant economic benefits to all stakeholders."

At 1148 BST, shares in Beowulf Mining were up 5.45% at 1.45p.

Reporting by Josh White for Sharecast.com.