Anglesey Mining hunkers down as metals storm rages

Zinc will be an early beneficiary if metal prices recover Anglesey Mining (LON:AYM) believes, but until then it has put all of its operations on effective care and maintenance. Minimal work and expense is required to maintain its licences at Parys Mountain, Wales and at Grangesberg in Sweden, it said, though there are some expenses at iron ore group Labrador in Canada and additional working capital will be required. “The outlook in the short to medium term remains somewhat unclear. “However it is certain at least in the longer term that the demand to supply balance will need to be restored and commodity prices will need to return to a level at which ongoing production at a reasonable profit is sustainable. “It remains our view that zinc [Parys Mountain] should be one of the earliest commodities to benefit from this movement.” Net losses in the half year to September were £0.14mln (loss £0.9mln).