Anglesey holds 26% of Toronto-listed Labrador Iron Mines Holdings Limited (TSX:LIM) which is now producing iron ore from its James deposit, one of LIM’s twenty direct shipping iron ore deposits in western Labrador and north-eastern Quebec. Development of other deposits is underway and production of the high grade hematite iron ore is targeted to grow from 2Mt in 2012 to 5Mt in 2015.
LIM’s properties are part of the Schefferville area iron ore district in the Labrador Trough where the Iron Ore Company of Canada mined from 1954 to 1982. See the Labrador Iron Mines website for further details.
Anglesey is also carrying out development and exploration work at its 100% owned Parys Mountain zinc-copper-lead deposit in North Wales, UK where there is estimated to be a total historical resource in excess of 7 million tonnes at over 9% combined copper, lead and zinc.
Anglesey owns 17.8m LIM shares (26%) and has 158m of its own shares in issue.
Bill Hooley, CEO of Anglesey Mining, says his company’s shares are trading at a significant discount.
Wednesday, September 22, 2010
Bill Hooley, CEO of Anglesey Mining, tells Proactive Investors why Europe is the logical destination for his company’s iron ore but China remains an option. He says Labrador Iron Mines, of which Anglesey owns 41%, is well funded to go into production in 2011. Bill also explains why he thinks Anglesey is currently trading at a significant discount.
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