Beowulf Mining, which operates the controversial Kallak mining project in Jokkmokk, has acute financing problems and needs new capital within a month. To save money, the company has halted fieldwork related to the environmental permit application, Dagens industri reports after interviewing CEO Ed Bowie.The company also flagged in a press release last week that new financing needs to be secured within the coming month to fund ongoing operations.The background to the problems is that an investment equivalent to SEK 50 million from the new main shareholder Bacchus Capital has been delayed. The transaction, which would give Bacchus a 59 percent stake in the company, is being reviewed by the Inspectorate for Strategic Products, ISP, and the process may take up to six months.During the year, Beowulf has deferred supplier payments and the board has worked without remuneration. According to Bowie, financing is currently lacking for the remainder of the year and the company needs bridge financing while awaiting the authority's decision."We will not need an enormous sum of money; it is simply a matter of bridging the period while we wait for final approval. It is obviously unfortunate and not what we had hoped for," says Bowie.The delay also affects the Kallak project. Around 60 percent of the work ahead of the environmental permit application is said to have been completed, but additional field studies are now being postponed until the next snow-free period.