Sign up Australia
Anglesey Mining plc (LON:AYM)

Anglesey Mining plc (LON:AYM)


Share Price
1.225 p
Change
0 (0.00 %)
Market Cap
£2.18 m
Proactive Investors - Run By Investors For Investors

Anglesey Mining plc

. 100% of Parys Mountain in Wales
. 6% interest in Grangesberg Iron in Sweden
. 11.9% of Labrador Iron Mines in Canada

Anglesey is carrying out development and exploration work 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...

EPIC: AYM
Market: LSE:AYM
FRA:4AO
52-week High/Low: 3.190p / 1.180p
Sector: General Mining - Iron Ore and Bauxite
Market Cap: 2.18M
Website: www.angleseymining.co.uk

Anglesey Mining plc

www.angleseymining.co.uk

Interactive graph

col 3
col 4
col 5
col 6

Big picture - Why invest in Anglesey Mining plc


Anglesey Mining plc Snapshot

100% of Parys Mountain in Wales

6% interest in Grangesberg Iron in Sweden

15.3% of Labrador Iron Mines in Canada

 

Anglesey holds 100% of the Parys Mountain underground zinc-copper-lead-silver-gold deposit in North Wales, UK where it is exploring and plans to carry out evaluation and pre-feasibility work when financial conditions permit.

Anglesey holds 15% of Labrador Iron Mines Holdings Limited which has direct shipping iron ore deposits in Labrador and Quebec and is currently undergoing a financial restructuring.

Anglesey holds a 6% interest and management rights to the Grangesberg Iron project in Sweden, together with a right of first refusal to increase its interest to 51%.

Parys Mountain Property

  • On the island of Anglesey in north Wales - worked for copper since prehistoric times
  • JORC Code-compliant resource of 2.1mt at 6.9% combined base metals in the indicated category and 4.1mt at 5.0% combined in the inferred category
  • Project has planning permission - two years to production from completion of financing
  • Successful drill programmes in 2005-08 in two areas - Garth Daniel in the east and near-surface White Rock in the west near to the existing shaft
  • Excellent exploration potential over an area of several kilometres
  • Work in 1991 resulted in a positive independent feasibility study for a 1,000 tonne per day mine and strong local community and government support

Parys Technical

Grangesberg

In late May 2014 the group entered into agreements giving it the right to acquire a majority interest in the Grangesberg iron ore mine situated in the mineral-rich Bergslagen district of central Sweden about 200 kilometres north-west of Stockholm. Until its closure in 1989 due to prevailing market conditions Grangesberg had mined in excess of 150 million tonnes of iron ore. GIAB holds a 25 year exploitation permit covering the previously mined Grangesberg underground mining operations granted by the Swedish Mining Inspectorate in May 2013.

In a series of agreements the group purchased for US$145,000 a direct 6% interest in GIAB, a private Swedish company founded in 2007 which had recently completed a financial and capital restructuring with assistance from the group. At the same time the group obtained an option to acquire 51% of the enlarged share capital of GIAB for the issue of new ordinary shares of Anglesey to the value of US$1.75 million priced at a minimum of 3.375 pence per share. The group also entered into shareholder and cooperation agreements such that during the term of the option Anglesey holds operatorship of GIAB subject to certain conditions and appointed three out of five directors to the board of GIAB. Given the continuing difficulties with the iron ore price this option was not exercised however a right of first refusal in the case of another offer has been secured, until June 2018. This right has been granted in exchange for the group continuing to co-manage GIAB on a cost recovery basis.

In September 2014 an NI 43-101Technical Report was prepared by Roscoe Postle Associates Inc (“RPA”) showing a compliant resource estimate for the Grangesberg Mine of 115.2 million tonnes at 40.2% Fe in the indicated category and 33.1 million tonnes at 45.2% Fe in the inferred category. RPA concluded that the Grängesberg iron ore deposit hosts a significant iron resource that has excellent potential for expansion at depth.

A programme to look closely at geo-mechanical and hydro-geological aspects of the site which will be critical components of the permitting regime required for the dewatering and reopening of the mine has been completed and a final report is in the course of preparation.

During the coming year, under Anglesey’s direction, and subject to suitable economic conditions prevailing, GIAB will review and update its previous pre-feasibility study on the project incorporating inputs from the compliant resource estimate and from the geo-technical investigations.

 

Labrador Iron Mines - Schefferville Project

 

  • - Direct shipping (DSO) lump and sinter fines high-grade hematite iron ore deposits in Labrador
  • - Mining and shipping from the James Deposit commenced in 2011 but is currently suspended
  • - Existing rail transportation, deep water ports, shipping facilities and hydro power
  • - Potential mine life of more than 20 years
  • - Former operations of the Iron Ore Company of Canada

The group has an interest in Labrador Iron Mines Holdings Limited (LIM) which began mining and shipping iron ore in 2011. Mining operations were suspended from early 2014. 

The Schefferville Projects are located in the west-central part of the Labrador Trough iron range, one of the major iron ore producing regions in the world, and are divided into two separate portions, one within the Province of Newfoundland and Labrador, and the other within the Province of Quebec, both located near the town of Schefferville, Quebec.

Quebec & North Wales.

Directors

John Kearney, chairman

Irish, born 1951, has been in the mining industry since leaving University. He is a director of several public resource companies. Those listed in the UK include Anglesey and Minco plc.

Throughout his career he has worked with the Northgate Group, the developer of the Irish mineral industry, firstly in Ireland at Tynagh, Gortdrum and the Tara mine (now owned by Outoukumpu and the largest zinc mine in Europe). In 1981 he was appointed executive vice president at Northgate's head office in Toronto and succeeded Pat Hughes as president of Northgate in 1987 and as chairman in 1992; he has since resigned. Under Mr. Kearney's direction, Northgate operated the Copper Rand, Portage and Lemoine mines at Chibougamou, Quebec, the Campbell Resources and Joe Mann mines, also in Quebec, the Sonora gold mine in California, the Colomac mine in Canada's North West Territories and the Choquelimpie mine in Chile as well as investments in other companies and operations in north and south America and Australia.

He was appointed chairman of Anglesey in late 1994 and lead the corporate re-organisation and re-capitalisation of the company during 1995 and 1996 leading to the re-establishment of Anglesey as an active minerals company in 1997. He is also chairman of Canadian Zinc Corporation, Minco plc and Conquest Resources Limited and a director of the Mining Association of Canada

He holds degrees in Law and Economics from University College, Dublin and an MBA from Trinity College, Dublin. He is qualified as a solicitor with the Law Society of Ireland and as a chartered secretary with the Institute of Chartered Secretaries and Administrators of London.

He has presented papers, a number of which have been published, at conventions and meetings on topics including mining, mergers and acquisitions, and mine financing. He is a member of the Canadian Institute of Mining and Metallurgy, the Prospectors and Developers Society of Canada and the Law Society of Ireland.

Bill Hooley, chief executive

Bill Hooley, born 1947, has extensive experience in Australia, the UK and North America in mineral project development and assessment. A graduate in Mining Engineering from Imperial College, Royal School of Mines, he is a Fellow of the Australasian Institute of Mining and Metallurgy. He has worked for a number of major mining companies as well as running a number of junior mining companies. Prior to joining Anglesey, he was managing director of Micon International Co Limited, the internationally respected minerals consulting group.

Danesh Varma, finance director

Canadian, born 1950, is a chartered accountant and a fellow of the Institute of Taxation. He is president of American Resource Corporation and Dundee Bancorp (India) Private Limited. He is also a director of a number of many resource companies including Westfield Minerals Limited and Northgate Exploration Limited.

Non-executive directors

David Lean

Australian, born 1946, non-executive director, is a chartered accountant. He has many years experience in the mining industry most of which was with major base and precious metal mining houses in Australia, Europe and Canada. These included: Australian Mining & Smelting (now Pasminco, which was the Australian lead/zinc division of CRA/RTZ); Boliden, a major base and precious metals mining and smelting company in Sweden; and Curragh Inc., formerly a major lead, zinc and silver mining company in Canada. He was primarily involved in the commercial aspects of the industry. More recently his involvement in the mining industry has been in trading mineral products. He is also a director and financial controller of a public company in the USA not involved in mining

Howard Miller

British, born 1944, non-executive director, is a lawyer experienced in the legal and financial sector in the UK, Southern Africa and Canada. He is Chairman and Chief Executive Officer of Avnel Gold Mining Limited, a Toronto listed company, which operates the Kalana gold mine in Mali and is also developing a large open-pit gold mine at Kalana in Mali.

He has been particularly involved in the financing of resource related companies. He was formerly a director and chief executive of Tahera Corporation, a Toronto listed company engaged in the exploration and development of diamond deposits in Canada’s Northwest Territories, and previously a director and chairman of Nelson Resources Limited (formerly Nelson Gold Corporation Ltd.), a Toronto listed company, which operated a gold mine in Tajikistan.

Major shareholders

Last update 31 March 2017

 

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

 

Shareholder

Number of shares

Percentage of voting rights

Juno Limited*

57,924,248

32.6

 

*Juno Limited is a private investment fund based in Bermuda. It has been a major shareholder since 1996.

Danesh Varma is a director of both Juno and Anglesey.

Juno has provided funding to the company under a working capital agreement - see latest annual report for further details.

Contacts and addresses

Main telephone 01407 831275

All correspondence to mail [at] angleseymining.co.uk

or

Parys Mountain, Amlwch,
Anglesey, LL68 9RE

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 1849957

Shares listed on The London Stock Exchange - symbol: AY

Telephone 01407 831275
 
  mail [at] angleseymining.co.uk
or

Parys Mountain, Amlwch, 
Anglesey, LL68 9RE

All correspondence to Painters Hall
9 Little Trinity Lane
London
EC4V 2AD
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 1849957

Shares listed on The London Stock Exchange - symbol: AYM

 

For shareholders and their shares, including address changes and lost certificates, please contact the company's registrars: Link Asset Services,  34 Beckenham Road, Beckenham, BR3 4TU, phone 0871 664 0300 (calls cost 12p per minute plus network extras), from overseas call +44 371 664 0300.

Columns Including AYM

VIEW ALL

Market Reports Including AYM

VIEW ALL
Video RSS

Videos

VIEW ALL VIDEOS

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use