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Anglesey Mining encouraged by positive outlook for commodity prices

The company said it is confident an increase in prices of iron ore as well as other metals is likely to continue into 2021 amid disruption to mining operations by the coronavirus pandemic alongside rising demand from major infrastructure programmes

Anglesey Mining PLC - Anglesey Mining encouraged by positive outlook for commodity prices

Anglesey Mining PLC (LON:AYM) said it is “much encouraged” by a positive outlook for commodity prices and “increased investor interest” over the last few months and the group added that it has made advances on a number of fronts.

In an outlook statement accompanying its results for the six months to September 30, 2020, the company said it is confident that a rise in iron ore prices, as well as other base and precious metals due to the impact of the coronavirus pandemic “, will continue” and that the fundamentals driving the rise in commodity prices will “provide solid support” for its projects.

READ: Anglesey Mining encouraged by commodity prices, actively reviewing new opportunities

The firm also said it is looking forward to the completion of a preliminary economic assessment report (PEA) at its Parys Mountain project in North Wales, which should allow the site to advance to the next development stage in 2021. Anglesey added that it also expects its iron ore projects in Grangesberg in Sweden and Labrador in Canada to advance in the coming year.

Meanwhile, the company said it is “actively reviewing” two other base metal projects in established geographical locations and hopes that it can “come to suitable working arrangements with one of these in the coming months”.

“All in all, we are confident of the way forward and positive on the outlook for Anglesey Mining for 2021”, chairman John F Kearney said in a statement.

In its figures for the six months, the pre-revenue company reported a narrowed pre-tax loss of £152,882 compared to a £156,600 loss the previous year, while expenditure on mineral property remained mostly steady at £27,827 from £26,527 in 2019.

Shares in Anglesey were 4.6% lower at 5.3p in early deals on Friday.

Quick facts: Anglesey Mining PLC

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Price: 3.75 GBX

Market Cap: £8.46 m

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