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Anglesey Mining upbeat on Parys Mountain as review points to more available ore

The mineable tonnage can be increased by using a lower cut-off grade and by adopting a revised mine development plan.

zinc
Zinc is one of the metals present at Parys Mountain

Anglesey Mining PLC (LON:AYM) says the detailed review of its Parys Mountain project in Wales has identified several ways to improve its economics.

Consultant QME was appointed at the end of last year to optimise the mining plan and has suggested the mineable tonnage can be increased by using a lower cut-off grade and by adopting a revised mine development.

For example, a 2017 Scoping Study was based on mining only the 2.1mln tonnes of indicated resources and did not include a further 4.1mln tonnes of inferred resources.

Anglesay says these opitons are being assessed in the second stage of the review process, which is now underway with completion scheduled for the end of 2019.

Funds permitting, that would lead to an upgraded scoping study or a preliminary feasibility study said Anglesey.

On completion of a feasibility study QME has the option to undertake the mine's development in return for a 30% stake in the project.

John Kearney, Anglesey's chairman, said: “The 2017 Scoping Study demonstrated a viable mine development at Parys Mountain with a healthy financial rate of return.

“The outlook for metal prices, particularly zinc, copper and lead, which form the basis of Parys Mountain revenue, remains very positive.”

Quick facts: Anglesey Mining PLC

Price: 1.43 GBX

LSE:AYM
Market: LSE
Market Cap: £2.67 m
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Anglesey Mining's Bill Hooley pleased with progress on optimisation study

Anglesey Mining plc's (LON:AYM) chief executive Bill Hooley tells Proactive the optimisation study for the Parys Mountain copper, zinc, lead, gold and silver project is progressing well. The study is being conducted under a project development and cooperation agreement entered into with...

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