Beowulf Mining Plc shares crashed Feb. 1 after the County Administrative Board for the County of Norrbotten referred the company's exploitation concession application for the Kallak North iron ore project back to the Mining Inspectorate of Sweden.

The company lodged a revised exploitation concession application with the Inspectorate in 2016, which was sent to the county board to respond to the Inspectorate's questions until Feb. 28.

The company's previous application was recommended for approval by the Mining Inspectorate in October 2015 but was later sent back for review by the Swedish government following the Supreme Administrative Court's February 2016 decision, placing dozens of mining projects in the country into question for their environmental impact.

Beowulf Mining CEO Kurt Budge is expected to hold meetings with key stakeholders and decision makers in Sweden this week to determine the impact of the announcement.

Meanwhile, the company's shares will remain suspended from trading on the AIM, pending further clarification on the situation.

Before being suspended Feb. 1, the London-listed firm's shares were down more than 41%.