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And now I turn my eyes upon Beowulf Mining (BEM) whose shares ran up from 6p to 15p in January on hopes of an imminent greenlight from the local County Administrative Board (CAB) for permission to mine iron in its Kallak North project in Sweden.
Shares in Beowulf Mining (BEM) plunged by 39.6% to 8.75p in morning trade prompting a suspension of the shares at just after 10 with the admission of quite disastrous news.
Beowulf Mining (BEM) has today announced a placing raising £1.25 million (gross) at 3.25p. The odd thing is that the company could have raised more and at a higher price but did not do so. CEO Kurt Budge and sidekick Bevan "African Eagle debacle" Metcalfe have screwed their shareholders - bar 1 - royally. Here's the story.
Would-be Swedish iron ore developer Beowulf Mining (BEM) is diversifying into graphite projects in Finland with the purchase of Oy Fennoscandian Resources AB, a private company boasting four early-stage projects, in an all-share deal which could eventually put a value of £440,000 on Fennoscandian at today's 6.5p AIM price of Beowulf, three the times the level at which I highlighted the company in June. Steered by chief executive officer Kurt Budge (of the coal clan), Beowulf, which is waiting for what it hopes will be imminent confirmation from the Stockholm government of an exploitation concession for its key Kallak iron ore project in northern Sweden, is issuing shares to Rasmus Blomqvist,
Featuring shares in Beowulf Mining (BEM), Hydrodec (HYR), Ncondezi Energy (NCCL), Octagonal (OCT), Orosur Mining (OMI) and Peer TV (PTV) with share price targets set for all six stocks.
John Meyer of SP Angel this morning comments on Beowulf Mining (BEM), Coal of Africa (CZA), Dalridian Resources (DALR), Kibo Mining (KIBO) and Tristar Resources (TSTR) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
What is evident on the daily chart of Beowulf Mining is the way that there has been a quite rocky ride for fans of the mining prospect.
The recent big rise in the Beowulf Mining (BEM) share price looks very odd to me.
Long-suffering Swedish iron ore play Beowulf Mining (BEM) has taken cheer at a letter from the Mining Inspectorate of Sweden to the Stockholm government recommending the AIM-quoted company be granted an exploitation concession for its Kallak iron ore project in the north of the country, holding an estimated 151 million tonnes with between 26.2% and 27.5% iron. Shares in the company, for long out of favour with investors, have surged from a 12-month low of 1.15p and 2.07p when highlighted here in June to 3.9p, still a mere fraction of former levels, helped by the Inspectorate’s favourable reply about the project to the Swedish Department of Enterprise, which had inquired after the local County Board of Norbotten, where Kallak is situated, had pronounced ‘a mining project at Kallak can bring significant economic benefits.’
John Meyer of SP Angel this morning comments on Beowulf Mining (BEM), DiamondCorp (DCP), Firestone Diamonds (FDI), Kefi Minerals (KEFI), Intelligent Energy (IEH) & Weatherly International (WTI) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
John Meyer of SP Angel this morning comments on Beowulf Mining (BEM), Goldplat (GDP), Koda Minerals (KOD) and Medusa Mining (MML) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Kurt Budge, chief executive officer of unloved Beowulf Mining (BEM), says the company will seek ‘strategic partners to monetise’ its 113 million-tonne Kallak North iron ore project in northern Sweden, if, as he now hopes, the Stockholm government grants it a 25-year exploitation licence by the end of this year. AIM-quoted Beowulf, which has newly raised £650,000 at a lowly 1.25p and has seen its shares crumble from 30p five years ago to 1.35p now, draws comfort from a change of heart by the County Administrative Board (CAB) for the local Norbotten County from opposition last October to qualified support today.
Iron ore hopeful Beowulf Mining (BEM) is trumpeting ‘outstanding’ sample test work results from its Kallak North project in northern Sweden, which the company says would enable it to offer ‘super high-grade’ magnetite concentrate at hefty price premiums to eventual customers. Having fallen from a 12-month high of 4.53p to a1.15p low, the shares have rallied to 2.07p -- still a fraction of levels seen 10 years ago -- helped by samples showing magnetite with an iron content of more than 71% with only low levels of silica, alumina, sulphur, phosphate and other ‘deleterious’ materials.
Kurt Budge, since October chief executive of unloved iron ore hopeful Beowulf Mining (BEM), is determinedly optimistic as he reviews prospects for winning an exploitation licence for the company’s low-grade project at Kallak in northern Sweden. If all goes well, he suggests the AIM-quoted company, which is currently ‘looking for a big investor or partner’, should be taking Kallak to production ‘in four to five years’ time’ from an estimated resource of 152.3 million tonnes.
Iron ore hopeful Beowulf Mining (BEM) takes heart from encouraging assay results at its Kallak South and Kallak North projects in northern Sweden, despite snags over local mining authorisation, as it prepares to produce new formal resource estimates in a few months and talk about future off-take agreements with iron users. Emboldened by evidence of high grades and long intersections, the AIM listed company, whose shares have flickered from a year’s low of 2.28p to 2.7p while remaining well down from their 7.99p 12-month peak and a small fraction of 60p-plus levels reached in 2011, intends to start a pre-feasibility study in the New Year on Kallak, where earlier estimates suggested a potential overall deposit of more than 120 million tonnes.
Direct from the Queen Elizabeth Conference Centre a video featuring a UK Investor Show 2014 traders session with Clive Sinclair-Poulton of Beowulf Mining (BEM)
Fears over China’s current growth prospects may have knocked the investment appeal of iron ore for now, but Beowulf Mining (BEM), the AIM and Stockholm-listed company doggedly pursuing iron ore projects at Kallak in the north of the country, as well as copper and gold prospects in the same region, remains determinedly upbeat. Sampling from pilot test mining has produced 2.7 tonnes of concentrate at the Kallak North deposit with 69.4 per cent iron at a magnetite recovery of 95 per cent and entrepreneurial executive chairman Clive Sinclair-Poulton says he expects more work on the hematite ore in May or June.
Small mining companies have generally performed atrociously in recent years, and Beowulf Mining (BEM) would be towards the top of that list.
I wrote about Beowulf mining in my first book 101 Charts For Trading success, as an example of the pleasures and pitfalls of what you can achieve in the small caps area. Nearly 2 years on and Beowulf Mining shares is only a fraction of what it was at its peak. Indeed, we have suffered the equivalent of a Dotcom Bubble bursting in mining stocks.
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