i've had AYM on my watchlist for a while, saw the SP fluctuate around 3 recently and then it went to 2.75, thought it was worth a punt then but didn't invest as wasn't sure they would do anything with Powys Mountain, obviously some people new about the latest RNS before it was published as the SP rose fairly significantly, so I missed that trick.
Can't work out whether it's still worth a punt as there may be a retrace back to 3??. I do want in here I think,just a question of when. Prob worth a punt and put in the bottom drawer until they get a pickaxe into the welsh mountain?
25% SP increase obviously welcome, but:......."Until its closure in 1989" ..(25 years ago) ... and a passing reference to the need for "financing".
Hope there is another part to this plan, I suspect there were not too many other prospective purchasers lining - up here. Hope someone is really on top of the math and timing for the commercialization costs of these two "opportunities". But wish them well ..
Acquisition of controlling interest in Grangesberg Iron
Thu, 29th May 2014 07:00
ANGLESEY MINING PLC - Acquisition of controlling interest in Grangesberg Iron
London, May 28
Anglesey Mining plc 29 May 2014 LSE:AYM Anglesey to acquire controlling interest in Grangesberg Iron Anglesey Mining plc ("Anglesey") is pleased to report that it has entered into agreements giving it the right to acquire a controlling interest in the Grangesberg Iron project in Sweden. GrangesbergIron Ore Mine: The Grangesberg iron ore mine is situated in the mineral-rich Berg****en district of central Swedenabout 200 kilometres north-west of Stockholm. Until its closure in 1989 due to prevailing market conditions, the Grangesberg mine was the third largest iron ore mine in Sweden, next only to the Kiruna and Malmberget mines in the north of Sweden, with in excess of 150 million tonnes of iron ore mined down to around 500 metres deep. Prior indications are that at least 115 million tonnes of iron ore containing around 40% iron remain for exploitation at Grängesberg. The homogenous iron ore body in Grängesberg is of significant size and of the Kiruna geological type, making it well suited for cost-effective production of attractive iron ore products. The Grangesberg mine site benefits from excellent infrastructure and is located adjacent to the Swedish national rail system which will permit easy access to ice free port of Oxelosund on the Baltic Sea on the south east coast of Sweden, the location of SSAB Sweden's largest steel plant. Significant underground and surface infrastructure remains intact at Grangesberg, including a fully operational railway line from mine to port. It is expected that following the normal environmental permitting processes and engineering design and financing, a conventional underground bulk mining operation followed by processing using standard technology can produce some 2.0 to 2.5 million tonnes per year of saleable iron ore concentrate for the European, Middle East and Asian steel markets. Agreements: In a series of agreements Anglesey has purchased for US$145,000 a direct 6% interest in Grangesberg Iron AB ("GIAB"), a private Swedish company that was founded in 2007 with the target of re-opening the historic iron ore mine in Grangesberg and which, in conjunction with the Anglesey investment and with Anglesey assistance, has recently completed a financial and capital restructuring. GIAB holds a 25 year exploitation permit covering the previously mined Grangesberg underground mining operations granted by the Swedish Mining Inspectorate in May 2013. At the same time Anglesey has negotiated a 12 month evaluation option to acquire 51% of the enlarged share capital of GIAB for the issue of new ordinary shares of Anglesey. Anglesey has also entered into shareholder and cooperation agreements such that during the term of the option Anglesey holds management control and operatorship of GIAB an
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