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(Alliance News) - Anglesey Mining PLC on Friday published its half-year report for the six months to September 30, posting an optimistic outlook.
Anglesey is a mining company with operations in north Wales, Sweden and Canada.
Pretax and post-tax loss in the six months to September 30 widened by 57% to GBP468,656 from GBP298,055 a year ago. Expenses increased 81% to GBP388,972 from GBP215,267.
The company has yet to generate revenue as it is developing its mines.
"I firmly believe that Anglesey is positioned very strongly to advance its two key assets at Parys mountain and Grangesberg over the next year. At Parys mountain, the ongoing work programmes including a mineral resource update for the White Rock and Engine Zones, additional metallurgical testwork and environmental studies will continue to advance the project through the production studies and permitting phases," said Chair John Kearney.
White Rock and Engine Zone are part of the firm's Parys mountain mine.
The company highlighted its copper production at the Parys mountain, north Wales, noting that the preliminary economic assessment indicated production of 75,000 tonnes of copper over the project's 12-year mine life. This sums up to an average copper equivalent production rate of 14,000 tonnes per year.
"As a consequence, our board continues to remain very confident that the medium and long-term outlook for most minerals, particularly for copper which will represent 50% of production at Parys Mountain, is very encouraging," Anglesey said.
Meanwhile, at Grangesberg in Sweden, a preliminary feasibility study indicates a production of 2.3 to 2.5 million tonnes per year of iron concentrate grading 70%. The company emphasised a "strategic positioning" of the mine following Russia's invasion of Ukraine.
"Prior to the conflict, Russia and Ukraine each supplied approximately 30% of all iron ore into the European steel market. With the future uncertainty around this supply, a long-term source of iron ore could be highly sought after by European and Middle Eastern steel producers. Grangesberg, with the high-grade nature of its concentrate, existing infrastructure and favourable location in southern Sweden in proximity to European steel mills, represents a highly strategic opportunity," the company explained.
Anglesey Mining shares fell 8.1% to 1.93 pence in London on Friday around midday.
By Tom Budszus; tombudszus@alliancenews.com
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