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(Alliance News) - Anglesey Mining PLC on Wednesday said its loss narrowed slightly in its recently-ended financial year as it expects the second stage of Parys Mountain project development to be completed by the end of 2019.
The UK-based exploration company said its pretax loss narrowed slightly in the year to the end of March to GBP234,621 compared to GBP278,189 loss recorded a year prior. The company did not generate any revenue in either year.
Anglesey holds the entire Parys Mountain underground zinc-copper-lead-silver-gold deposit in North Wales, UK. Following completion of the positive 2017 scoping study, Anglesey has been working to progress the Parys Mountain project towards production.
This study recommended further work as interim steps towards undertaking a feasibility study, including more detailed mine planning and design, more engineering studies, additional metallurgical test work and a review of tailings management and environmental and planning permissions, all of which will require new and further financing.
Therefore, in late 2018, Anglesey signed a project development & cooperation agreement with QME Mining Technical Services, a division of QME Ltd, to carry out an agreed programme of design, engineering and optimisation studies relating to the future development of Parys Mountain.
The QME studies have suggested that the project can be further improved if the potential mineable tonnage can be increased by using a lower cut-off grade and generating a revised mine development plan. This second stage of the process is ongoing with completion scheduled for the end of 2019, Anglesey said.
Looking ahead, Chair John Kearney said: "We remain confident that demand for metals will remain strong and the outlook for commodity prices will remain positive for the foreseeable future."
He added: "The outlook for metal prices, particularly zinc, copper and lead, which form the basis of Parys Mountain revenue, remains very positive."
Anglesey shares were trading 8.8% lower on Wednesday in London at 1.825 pence each.