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Beowulf shares crash after Swedish decision against iron ore mining permit

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Beowulf shares crash after Swedish decision against iron ore mining permit

Beowulf Mining Plc said Nov. 30 that the County Administrative Board of Norrbotten, Sweden, refused to recommend the award of an exploitation concession for the Kallak North deposit within the company's Kallak iron ore project.

The company did not disclose further details on the rejection but said it is reviewing the board's response in detail. Beowulf CEO Kurt Budge previously said the company expected to be granted an exploitation concession for the Kallak North deposit and had the support of local stakeholders.

Company shares were down over 40% in early afternoon trading in London on Dec. 1.