Beowulf Mining Plc, a UK-based miner primarily dedicated to exploring iron ore resources in Sweden, has increased its iron ore forecast for the Ruoutevare deposit in northern Sweden from 140 million mt up to a maximum of 250 million mt at a grade of 39.1 percent Fe content.
In a company press release, stressing that Ruoutevare is one of Scandinavia’s largest known remaining iron ore deposits still awaiting commercial exploitation, Beowulf said that the report drawn up by Swedish-based consultancy Raw Materials Group predicts a total potential cash flow of $3 billion and gross revenues of $6.85 billion over a 15 year mine life.
The company plans to start drilling at the mine this year and hopes to begin production in three to five years.
Beowulf executive chairman Clive Sinclair-Poulton 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.”