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Anglesey Mining actively reviewing new opportunities

The continuing support of premium iron prices for the premium product that Grangesberg would produce has encouraged Anglesey to seek out alternative development strategies to move the project forward.

Anglesey Mining PLC -

Anglesey Mining PLC (LON:AYM) said in its half-year results statement it remains encouraged by the continued support for iron ore prices.

The period under review – the six months to the end of September – saw consultant QME carry out an agreed programme of design, engineering and optimisation studies relating to the future development of the Parys Mountain zinc, copper lead project, located on the island of Anglesey in Wales.

Anglesey Mining said significant progress continues to be made with “very encouraging results”. Completion of the QME study will continue to be carried out at no cost to Anglesey but further funding will be required for continuing expenses as well as the maintenance and development of the group’s mineral assets, which include the Grangesberg iron ore project in Central Sweden and a 12% interest in Labrador Iron Mines Holdings, which owns extensive iron ore resources and facilities in the Schefferville area of Labrador and Quebec in Canada.

“We remain very positive about the prospects for the company as a result of the latest QME studies. It should be emphasised that this optimisation work will have to be supported by an updated scoping study or pre-feasibility study. If eventually supported, then the size and life of the Parys Mountain mine would be company changing. We do recognise that much remains to be done and that additional funds, and possibly industry partners, will be required to enable the project to reach its true potential, but the possibilities are there,” said John Kearney, the chairman of Anglesey.

“We continue to review the development opportunities for our iron ore projects, albeit with inherent complexities resulting from the fluctuating commodity price. We are also actively reviewing some other opportunities for Anglesey in base metal projects in favourable geopolitical environments and will advance these where possible,” Kearney added.

The group had no revenue in the half-year reporting period. Loss before tax edged up to £156.600 from £137,117 in the same period of last year.

Net current assets at the end of September stood at £110,724 compared to liabilities of £61,312 at the end of March.

Quick facts: Anglesey Mining PLC

Price: 1 GBX

LSE:AYM
Market: LSE
Market Cap: £1.87 m
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Anglesey Mining's Bill Hooley pleased with progress on optimisation study

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