Anglo-Swedish miner, Beowulf Mining, said on Monday that an independent study has showed that its Ruoutevare deposit in Sweden contains a significant iron-ore resource close to the surface making it a potential open-pit mining operation.
The study estimates gross revenues of about $6.85-billion over a 15-year mine life at an extraction rate of 10 million tonnes a year, with total potential cash flows of $3.07-billion over the mine life.
"We believe that, with further work, we can increase the tonnage available and hence the expected mining life of the project," said Beowulf chairman Clive Sinclair-Poulton.
Ruoutevare is one of the largest known iron-ore deposits not yet in production in Scandinavia.
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