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Anglesey Mining appoints new CEO and issues corporate update

Parys Mountain was once the largest copper mine in the world

Anglesey Mining PLC -

Anglesey Mining PLC (LSE:AYM, FRA:4AO) has appointed Jonathan Battershill as chief executive with effect from 1 August 2021. 

Battershill is a mining geology graduate from Camborne School of Mines and has extensive experience both in operations and in finance in Australia and in the UK. 

After a long period working in mining operations with Western Mining Corporation in Australia, he joined a broking house in Perth in Western Australia and for the last 13 years has worked for UBS and then for Canaccord, firstly in Sydney and for the last six years in London. 

He is well known in the mining finance industry and has extensive knowledge and connections, having been part of Canaccord’s globally top ranked mining team that has placed around US$3bn since January 2020.

Early in his mining career he worked as an underground miner at the South Crofty tin mine in Cornwall while attending the School of Mines. 

“I am very pleased to welcome Jo into Anglesey Mining and we are delighted that we have been able to attract someone with his strong operations background and financing experience,” said chairman John Kearney. 

“He has great enthusiasm and brings vigour and deep relevant technical and finance knowledge to the company.  Jo will initially be tasked with moving the Parys Mountain project towards production and with fund-raising to facilitate our plans for both Parys Mountain and Grangesberg.  We look forward with confidence to the renewed future with Jo.”

Bill Hooley will relinquish his current position as chief executive and take on the role of deputy chairman, also effective 1 August 2021.  Hooley has served as CEO since 2006, and as well as being President of Labrador Iron Mines, directed the completion of various resource upgrades for Parys Mountain, the 2017 Scoping Study and the QME optimisation work, which led to the successful production of the 2021 PEA, and will continue to provide his advice and experience to Anglesey and will assist Jo as required.

The company also plans to appoint two non-executives, and is delaying the publication of its annual report due to coronavirus-related issues.

Instead, it’s issued a review of progress made in the past year, including as highlights the production of a preliminary economic assessment for the Parys Mountain project in Wales, and the upgrading of the resource there.

Parys is now thought to contain 160,000 tonnes of copper in situ, with a gross contained metal value in the ground of more than $1.4bn.

Three separate development cases or scenarios were evaluated as part of the PEA, and pre-production capex was set at US$99mln.

Accordingly, the Directors have been examining various possible financing routes including the traditional debt/equity scenario, but also indirectly through joint venture and other arrangements. As part of this process, the detailed results from the PEA have been made available on a limited and confidential basis to a number of entities who have shown interest in Parys Mountain. 

Quick facts: Anglesey Mining PLC

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