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
Life of mine contributions to revenue - zinc 21%, copper 49% and lead 12%. Copper more important in later years
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
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.
John Kearney - Chairman
John 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.
Bill Hooley - Chief executive
Bill 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
Danesh 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.
David 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 is a lawyer experienced in the legal and financial sector in Southern Africa, Canada and the UK. He has been particularly involved in the financing of resource related companies. He is a director and former chairman of Nelson Resources Limited (formerly Nelson Gold Corporation Ltd.), a Toronto listed company, which operates a gold mine in Tajikistan and is developing oilfields in Kazakhstan. Until recently, he was a director and chief executive of Tahera Corporation, a Toronto listed company engaged in the exploration and development of diamond deposits in the Northwest Territories and Nunavut.
Roger has extensive worldwide experience in mine engineering, management and project development in both open pit and underground mining. A graduate in Mining Engineering from the Camborne School of Mines, with an MSc in Economic Geology from Leicester University, he is a member of the Institution of Mining and Metallurgy UK, the Canadian Institute of Mining and Metallurgy and the American Institute of Mining Engineers. In 1994 he was appointed President of Nelson Gold Corporation and was responsible for the financing, construction and start up of the Jilau gold mine in Tajikistan. From 1996 to 2002 he was co-founder, President and CEO of Oxus Gold plc, and was responsible for the acquisition and development of the Amantaytau gold mine in Uzbekistan. Mr. Turner was chairman and CEO of Minco plc and of Ovoca Gold plc.
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*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
Parys Mountain, Amlwch,
Anglesey, LL68 9RE
Registered Office Tower Bridge House, St. Katharines Way, London, E1W 1DD
Solicitors DLA LLP,
101 Barbirolli Square, Manchester
Auditors Mazars LLP
St. Katharines Way, London, E1W 1DD
Company registration number 1849957
Shares listed on The London Stock Exchange - symbol: AY
101 Barbirolli Square,
Tower Bridge House,