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LSE:AYM FRA:4AO

Anglesey Mining PLC

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Market:
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Market Cap:
£2.69 m
Price
1.35 GBX
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52 weeks high
2.80
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0.90

Development and exploration work is being carried out by Anglesey at its 100% owned Parys Mountain zinc-copper-lead deposit in North Wales, UK with a reported resource of 2.1 million tonnes at 6.9% combined base metals in the indicated category and 4.1 million tonnes at 5.0% combined base metals in the inferred category.

Anglesey holds a 10% interest and management rights to the Grangesberg Iron project in Sweden, together with a right of first refusal to increase its interest by a further 51%.

Anglesey also holds 12% of Labrador Iron Mines Holdings Limited which has direct shipping iron ore deposits in Labrador and Quebec, currently held in stand-by care and maintenance pending an improvement in the iron ore price.

 

Parys Mountain Property

The Parys Mountain property hosts a significant polymetallic zinc, copper, lead, silver and gold deposit. The site has a head frame, a 300m deep production shaft and planning permission for operations. The group has freehold ownership of the minerals and surface land. Infrastructure is good, political risk is low and the project enjoys the support of local people and government. An independent JORC resource estimate completed in 2012 by Micon International Limited reported a resource of 2.1 million tonnes in the indicated category at 6.9% combined base metals and 4.1 million tonnes at 5.0% combined base metals in the inferred category, with substantial exploration potential. In July 2017 a new Scoping Study using the 2012 resource estimate was prepared by Micon International Limited and Fairport Engineering Ltd. The Scoping Study demonstrates a viable mine development mining 1000 tpd to produce lead, zinc and copper concentrates and yielding a healthy financial rate of return.

Grangesberg

In May 2014 Anglesey announced that it had entered into agreements giving it the right to acquire a controlling interest in the Grangesberg Iron project in central Sweden including a direct 6% interest in GIAB and an option exercisable until 30th June 2015 to acquire an additional 51% in GIAB. Anglesey also entered into shareholder and cooperation agreements such that during the term of the option Anglesey holds management control and operatorship of GIAB and has appointed three out of five directors to the board of GIAB including the chairman.

Labrador Iron Mines Holdings Limited

Labrador Iron Mines Holdings Limited (“LIMH”), through its majority owned subsidiaries Labrador Iron Mines Limited (“LIM”) and Schefferville Mines Inc. (“SMI”), is engaged in the exploration and development of iron ore projects in the central part of the Labrador Trough region, one of the major iron ore producing regions in the world, situated in the Menihek area in the Province of Newfoundland and Labrador and in the Province of Quebec, centred near the town of Schefferville, Quebec.

LIM owns extensive iron ore resources as well as numerous mineral exploration claims in Newfoundland and Labrador and in Quebec (collectively, the “Schefferville Projects”). LIM’s direct shipping iron ore (“DSO”) projects comprise numerous different iron ore deposits of varying sizes, divided into two separate portions, one within the Province of Newfoundland and Labrador and the other within the Province of Quebec.

LIM also holds the Elizabeth Taconite Project, which has its first independent Inferred mineral resource estimate, as at June 15, 2013,comprising two adjacent deposit areas. Approximately 620 million inferred tonnes at an average grade of 31.8% Fe have been estimated in Elizabeth No. 1 and a potential 350 million to 600 million tonnes at an average grade 31.9% Fe have been estimated in Elizabeth No. 2.

In the three-year period of 2011, 2012 and 2013 LIM produced a total of 3.6 million dry metric tonnes of iron ore, all of which was sold in 23 cape-size shipments into the China spot market.

Labrador Iron Mines is positioned to resume mining operations and development of its Houston Mine, when market conditions permit, subject to completion of financing and negotiation of major contracts.

United Kingdom, Wales, Sweden and Canada.

Directors

John Kearney -  chairman

Irish, born 1951, is a mining executive with more than 40 years’ experience in the mining industry and is chairman and CEO of Labrador Iron Mines Holdings Limited. He is also chairman of Buchans Resources Limited, Xtierra Inc. and Conquest Resources Limited. He is a director of the Mining Association of Canada and has degrees in law and economics from University College Dublin and an MBA from Trinity College Dublin. He is a member of the nomination committee. He is resident in Canada.

Bill Hooley - chief executive

Bill Hooley, born 1947, is a mining engineering graduate from the Royal School of Mines and has extensive experience in many countries including the UK and Australia. He is vice-chairman and a director of Labrador Iron Mines Holdings Limited and a director of Grangesberg Iron AB and Eurmag AB. He has been a director of a number of other companies involved in the minerals industry. He is a Fellow of the Australasian Institute of Mining and Metallurgy.

Danesh Varma - finance director and company secretary

Canadian, born 1950, is a chartered accountant. He is a director of Labrador Iron Mines Holdings Limited and Grangesberg Iron AB and Eurmag AB. He is also chief financial officer of Buchans Resources Limited, Xtierra Inc. and Conquest Resources Limited.

Non-executive directors

Howard Miller

British, born 1944, non-executive director, a lawyer with over 40 years’ experience in the legal and mining finance sector in Africa, Canada and the UK. He has extensive experience in the financing of resource companies. He is a member of the remuneration, audit and nomination committees and the senior independent director.

Parys Mountain, Amlwch,
Anglesey, LL68 9RE

angleseymining.co.uk

+44 1407 831275

Last update 17 May 2019

The company has been advised of the following interests in the issued ordinary share capital:

All correspondence to

Painters Hall Chambers
8 Little Trinity Lane
London
EC4V 2AN

Registered Office

Tower Bridge House, 
St. Katharines Way,
London, E1W 1DD

Solicitors

DLA LLP,
101 Barbirolli Square,
Manchester
M2 3DL

Auditors

Mazars LLP
St. Katharines Way, 
London, E1W 1DD

Bankers

HSBC
Amlwch, Anglesey

Company registration number

184995