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Anglesey Mining PLC keen to press the 'go' button as commodities emerge from "four-year winter"

We are emerging from a four year winter for commodities, according to Bill Hooley, chief executive officer of Anglesey Mining plc (LON:AYM).
Fresh from a successful share placing to raise £310k, the developer of the Parys Mountain zinc-copper-lead deposit believes the fundamentals for zinc are improving.
“There’s a worldwide deficit for zinc in terms of supply and production; that seems to be likely to continue,” Hooley suggested.
“We’re also benefiting, I believe, from the post-Brexit fall in the price of the pound, which will benefit us when we are in production, when we will get more pounds because all of our commodities are priced in dollars,” he added.
Hooley explains a bit about the history of the mine, which goes all the way back to Bronze Age, with the ancient Romans having a bash at it, plus there was “some very serious production” from about 1760 until about 1900, when the mine went into care and maintenance mode.
Anglesey Mining’s own history dates back to the late eighties, when it sank a deep shaft and got all the permits sorted, all of which are still available, which means the company can move fast when it presses the ‘go’ button.
“We think we can have this producing concentrate 18 to 24 months after pressing that ‘go’ button,” Hooley said.
The company will need to raise more finance before that happens, and while Hooley is not sure how much money it will need, “it’s certainly not going to be in three figures” – speaking in denominations of millions of dollars, of course.
Key to raising that finance will be completion of the updated scoping project next year, which will pave the way to the start of development of that project.
“I’d like to be, this time next year, telling you about how that development and construction is going on,” was Hooley’s sign-off.

Quick facts: Anglesey Mining PLC

Price: 1.55 GBX

LSE:AYM
Market: LSE
Market Cap: £2.9 m
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'It's all coming together' at Anglesey's Parys Mountain zinc-copper-lead project

Anglesey Mining plc (LON:AYM) chief executive Bill Hooley talks to Andrew Scott at Mines and Money 2017 in London. Hooley says "it's all coming together" at its Parys Mountain project, with zinc and copper prices heading higher. Anglesey is currently carrying out development work at...

on 29/11/17

2 min read