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LONDON (Alliance News) - Sweden-focused mineral exploration company Beowulf Mining PLC posted a narrower pretax loss for the first half of 2015, primarily due to derivative losses it made last year not repeating.
Beowulf's pretax loss for the six months to the end of June was GBP330,732, compared to a GBP1.3 million loss a year earlier when it was paying out more in adminstrative expenses and when it booked a GBP777,033 fair value loss on derivatives contracts.
The company is set to focus the second half on the Kallak North iron ore project. In July, the prospects for the project were boosted after the County Administrative Board for Norbotten County found that mining is "economically relevant" and said the Kallak North site will generate economic benefits on local, regional and national levels.
"The company is looking forward to a busy second half of the year, and we are optimistic that momentum is in our favour for a positive decision on the exploitation concession for Kallak North. Once the concession is in place, Kallak North will be significantly de-risked in the eyes of potential investors and strategic partners and well positioned to advance its development," said Chief Executive Kurt Budge.
Shares in Beowulf were down 1.5% to 2.709 pence on Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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