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Beowulf Mining PLC (BEM)

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Monday 15 February, 2010

Beowulf Mining PLC

Updated Conceptual Study On I

RNS Number : 1185H
Beowulf Mining PLC
15 February 2010

Beowulf Mining Plc

("Beowulf" or the "Company")


Updated Independent Conceptual Study on the

Ruoutevare Iron Ore Deposit




·     Updated conceptual study by Raw Materials Group ("RMG") shows that Ruoutevare contains a significant resource of iron ore close to the surface and is very amenable to open-pit mining.


·     Ruoutevare is one of Scandinavia's largest known remaining iron ore deposits still awaiting commercial exploitation.


·     Conceptual study shows total potential cash flows of US$3bn over a 15 year mine life.


Beowulf (AIM: BEM; Aktietorget: BEO), the AIM and Aktietorget traded mineral exploration company which owns several exploration projects in Sweden, is pleased to announce that the Raw Materials Group ("RMG"), an independent Swedish natural resource consultancy firm, has recently provided an update of its previous October 2006 conceptual study on the Company's Ruoutevare iron ore deposit aimed at further defining the project's commerciality.


Economic forecasts, based on a simplified cash flow analysis and various price and cost assumptions for a potential open-pit mining operation, made by RMG in their updated conceptual study include:

·      Gross revenues of approximately US$6.85 billion generated over a 15 year mine life at an extraction rate of 10 million tonnes ("M/t") per annum, representing 150Mt in aggregate, at a forecast market price of US$1.39/Fe unit (where 1 Fe unit = 1% Fe/tonne).

·      Total operating costs for 15 years of mining are estimated at US$3 billion with total capital costs of approximately US$0.8 billion.

·      Total potential net cash flow in the order of US$205 million per annum (US$13.6/tonne of ore), representing approximately US$3.07 billion in aggregate for a 15 year mining operation. 

·      RMG's economic model shows a pay back period on total investment of as low as 3.1 years.

Selected significant highlights from the RMG report are as follows:

·      "The Ruoutevare deposit contains a significant resource of iron ore that is close to the surface and very amenable to open pit mining. At its present stage of evaluation, it is one of the largest known iron ore deposits not yet in production in Scandinavia. Application of mining and metallurgical economic factors to the resource has demonstrated that a conceptual mine plan containing 150Mt of ore at a grade of 39.1% Fe is potentially feasible." 

·      "The mining, processing and transport facilities required to extract the iron ore and deliver it to customers in Northern Europe and the Middle East have been outlined and likely capital and operating costs have been estimated. A financial model has been constructed to test the economic viability of the project. From the results of the conceptual financial analysis it must be concluded that the project is robust and certainly warrants further work."

As a next step in the development of the Ruoutevare deposit, RMG recommends moving towards a pre-feasibility study and thereafter, if merited, a full feasibility study, in conjunction with an application to upgrade the existing exploration permit into an exploitation or mining licence.

In addition, RMG suggests that further metallurgical testing is necessary in order to prove process routes and assist in reducing the project's development time. Pilot scale production is also required to provide sufficient concentrate to assist with market studies and the targeting of specific customers. 

The Ruoutevare deposit is located in northern Sweden in the county of Norrbotten and is situated approximately 13km north-west of the small village of Kvikkjokk. The deposit was originally discovered in the 18th Century. It was assessed by the Geological Survey of Sweden ("SGU") in the early 1970s during which time ground geophysics, metallurgical test work and extensive diamond drilling were completed. The SGU determined a resource for the deposit of 116-123Mt grading 38% iron and 5.6% titanium.


In August 2008, Beowulf announced a JORC compliant Inferred Mineral Resource estimate for the project. Completed by independent geological consultants Runge Limited, the Inferred Mineral Resource estimate of 140Mt grading 39.1% iron (Fe), 5.7% titanium (Ti) and 0.2% vanadium (V) (cut-off grade of 30% Fe), exceeded the SGU's initial historic estimate.


The magnetite mineralisation consists of four lenticular pods of mineralisation that are interpreted to be the result of magmatic layering within the intrusive complex. The most significant mineralised body is approximately 1,500m long and 200-300m wide.  


There appears to be good potential to substantially increase the Ruoutevare resource by drilling extensions to the existing resource and by testing other magnetite bearing zones in the vicinity of the deposit. 

A separate conceptual study by RMG on the Company's Kallak iron ore deposit in the same region is nearing completion and is anticipated to be delivered to the Company within the next few weeks.


Following receipt of the Kallak report, copies of both of RMG's conceptual studies will be made available on the Company's website at: As in all aspects of mining evaluation, there are uncertainties inherent in the interpretation of geological and technical data and economic factors. All conclusions by RMG represent only their informed professional judgments.


Clive Sinclair-Poulton, Executive Chairman of Beowulf commented:

"This updated conceptual study represents independent confirmation of the commercial viability and potential of Ruoutevare. We believe that, with further work, we can increase the tonnage available and hence the expected mining life of the project. We are delighted with RMG's report and look forward to receiving their report on Kallak in the near future."

Dr Jan Ola Larsson, Technical Director of Beowulf commented:

"RMG's updated economic indications on Ruoutevare are very positive.  Based on geological studies, it is believed that the Ruoutevare resource can be increased through additional drilling, thereby extending the potential mine life and reducing the overall anticipated unit costs. Selective mining of the deposit can also serve to increase cash flow in the early years of operation, as the SGU suggested that there is a further 20 million tonne section grading 47% iron and 11% titanium oxide. Metallurgical testing work by MINPRO AB to improve the concentrate grade is currently ongoing."

Dr Jan Ola Larsson (Fil. Kand, PhD, DIC), has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. Dr Larsson is Technical Director of the Company and has over 30 years relevant experience within the natural resources sector.


Beowulf Mining Plc

Clive Sinclair-Poulton, Chairman

Tel: +353 (0)85 739 2674

Strand Hanson Limited

Matthew Chandler / Simon Raggett

Tel: +44 (0) 207 409 3494

Alexander David Securities Limited

David Scott / Nick Bealer

Tel: +44 (0) 207 448 9820

Lothbury Financial Limited

Gary Middleton / Ron Marshman

Tel: + 44 (0) 207 011 9411

or visit


Notes to Editors:


The Ruoutevare Magnetite Project is 100%-owned by Beowulf, and covers 850 hectares 1,100km north of Stockholm in the Norrbotten County, and about 13km north-west of the minor village of Kvikkjokk. The 2.3 billion tonne Kiruna iron ore mine, the world's second largest underground mine, is located approximately 180km northeast and the Malmberget iron ore mine is located 120km to the east.


There appears to be good potential to substantially increase the Ruoutevare resource by drilling extensions to the existing resource and by testing other magnetite bearing zones in the vicinity of the deposit.

In August 2008 Beowulf announced a JORC compliant Inferred Mineral Resource on Ruoutevare showing 140 million tonnes (Mt) grading 39.1% iron (Fe), 5.7% titanium (Ti) and 0.2% vanadium (V) (cut-off grade of 30% Fe).

In December 2009, Beowulf announced that tests conducted by MINPRO AB at their research laboratory in Central Sweden to optimise the process for sponge iron production showed improved final high grade product containing 95% iron and 1.5% titanium (November 2009 grades: 90% iron and 1.5% tianium).

In addition to the 140 million tonnes JORC compliant Inferred Resource at Ruoutevare, the Company also owns the nearby Kallak Magnetite Project, which has total target iron mineralisation of 120 million tonnes at 35 - 42% Fe.

RMG, founded in 1990, is one of Europe's leading, independent groups of mineral economists and mineral strategy/policy analysts. Since 2002, it has prepared the annual iron ore analysis published by the UNCTAD Trust Fund Project on Iron Ore Information. In recent years, RMG has conducted market studies for iron ore mines in Sweden, Finland and Russia and also identified potential acquisition targets amongst iron ore deposits in Latin America and Africa for various steel companies.

This information is provided by RNS
The company news service from the London Stock Exchange