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LONDON (Alliance News) - Anglesey Mining PLC issued a statement Wednesday updating on its major areas of mineral interest in North Wales and Sweden.
The company said it has been actively pursuing the restart of development activities at the Grangesberg iron ore mine in Sweden. Activities had been largely suspended for a number of months during the period in which private Swedish company Grangesberg Iron AB was undergoing corporate reconstruction and refinancing.
Back in May, Anglesey Mining made an agreement giving it the right to acquire a controlling interest in the Grangesberg Iron project in Sweden from Roslagen Resources AB. Anglesey said it had initially bought a 6% stake in Grangesberg Iron AB, with the target of re-opening the historic iron ore mine in Grangesberg. Anglesey said it also has the option to acquire a further 51% of the enlarged share capital of Grangesberg, which it will pay in the form of shares.
"Two major activities are now being progressed that together will enable GIAB and Anglesey to progress the development plan for the reopening of the Grangesberg mine," the company said in a statement.
The company also said that a detailed review of the mineral potential at its Parys Mountain zinc-copper-lead property in North Wales, is near completion, which will enable it to better plan
its development strategy for Parys Mountain.
It said it continues to review the status of base metals markets to ensure that the commencement of production at Parys Mountain coincides as closely as possible with the expected resurgence in
demand for base metals concentrates particularly in the European environment.
"There are now positive signs that the long expected future shortfall in zinc concentrate supply related to major mine planned closures is coming closer to fruition," the company said.
Anglesey Mining shares were untraded Wednesday afternoon at 3.00 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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