Beowulf upbeat as losses widen

30th Aug 2011 09:32

AIM listed mineral exploration company Beowulf said half-year losses widened but believes its strong project portfolio makes it well positioned against a backdrop of increasingly volatile and uncertain global capital markets. Beowulf, which currently has ten exploration projects in Northern Sweden primarily prospecting for iron, copper, gold and uranium, incurred a loss before tax of £276,693 compared to a loss of £221,968 a year earlier. No revenue was reported for the last six months, unchanged from the same time a year before. The group said it continued to progress its planned programme of drilling and analysis at its wholly owned Kallak iron ore projects. "Despite this general market turmoil and uncertainty our key asset is iron ore and the price of this commodity has remained remarkably resilient in the course of the past few months. More crucially, indications are that the price will continue to be firm in the months ahead due to a combination of Chinese demand for imports and low Indian exports," Beowulf said. The explorer said it remains positive about the potential of its flagship iron ore projects whilst remaining cognisant of the current prices of other metals. Beowulf is confident development opportunities will continue in 2011 and beyond and of reporting further progress for the second half of the year.