Development and exploration work is being carried out by Anglesey at its 100% owned Parys Mountain zinc-copper-lead-silver-gold 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 Mining's intention is to develop, build and operate a producing mine at Parys Mountain, on the island of Anglesey in North Wales, to create value for shareholders in an environmentally, socially, and ethically responsible manner for the benefit of all stakeholders.
Following a new Scoping Study in 2017, in late 2018 Anglesey entered into a Project Development and Cooperation Agreement with QME Mining Technical Services, to carry out an agreed programme of engineering and optimisation studies relating to the future development of Parys Mountain.
In October 2020 Anglesey appointed Micon International Limited (“Micon”) to carry out a Preliminary Economic Assessment. This PEA is the next step in the development of Parys Mountain on the road to production and follows from the optimisation studies recently completed by QME. These studies highlighted up to 10 million tonnes of potentially mineable material available at Parys Mountain which is significantly larger than the 2.1 million tonnes of indicated resource that was utilised in Micon’s positive 2017 Scoping Study and also identified that it should be possible to utilise a lower cut-off grade for mine planning purposes than used in the Micon 2017 study.
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%. The price of iron ore increased almost 21% in 2020, and outpaced gold to rank as the best-performing major commodity in the first half of the year. Demand for high-quality iron ore remains strong, mainly driven by solid demand from China's steel mills despite COVID-19 impacts.
Anglesey also holds 12% of Labrador Iron Mines Holdings Limited which has direct shipping iron ore deposits in Labrador and Quebec, The project has been held in stand-by care and maintenance pending an improvement in the iron ore price, however on 29 Oct 2020 the company announced the commencement of a Preliminary Economic Assessment on its Houston project. This represents the first major development of LIM’s assets since the last production in 2014. See details of the announcement on the NEWS page
Parys Mountain, Anglesey, North Wales (Photo by Robert Bain)