Beowulf Mining which is developing iron ore deposits in Sweden has announced its unaudited preliminary results to 31 December 2012. An expected loss before tax was (£1,047,486) against (£832,235) last year. The cash position is noted as £3.7M. Drilling continued at both the Kallak North and Kallak South deposits and approval is noted for a test mining application in respect of Kallak North. The company rightly points out the advantages of Sweden as amining safe haven and its proximity to iron ore markets.
About David Hargreaves
David Hargreaves is a mining engineer with over forty years of senior experience in the industry. After qualifying in coal mining he worked in the iron ore mines of Quebec and Northwest Ontario before diversifying into other bulk minerals including bauxite. He was Head of Research for stockbrokers James Capel in London from 1974 to 1977 and voted Mining Analyst of the year on three successive occasions.
Since forming his own metals broking and research company in 1977, he has successfully promoted and been a director of several public companies. He currently writes “The Week in Mining”, an incisive review of world mining events, for stockbrokers WH Ireland. David’s research pays particular attention to steel via the iron ore and coal supply industries. He is a Chartered Mining Engineer, Fellow of the Geological Society and the Institute of Mining, Minerals and Materials, and a Member of the Royal Institution. His textbook, “The World Index of Resources and Population” accurately predicted the exponential rise in demand for steel industry products.