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(Alliance News) - Anglesey Mining PLC on Monday reported good operational momentum at its mining projects and a cautious but positive outlook, although its loss widened as spending was increased.
Anglesey has base metals operations in North Wales, Sweden and Canada. It reported a pretax loss of GBP961,288 during the year ended March 31, compared with a GBP693,242 loss the year before. Its loss per share remained unchanged at 0.3 pence.
No revenue was generated in either period, so the widened loss was due to expenses increasing by 32% to GBP696,545 from GBP528,045. As well, finance costs increased by 26% to GBP208,961 from GBP165,248.
Anglesey said work at Parys Mountain, its project in Anglesey, northwestern Wales, "has delivered very positive results over the course of the year" and is "well advanced towards permitting for an operation".
Anglesey Mining said it also increased its stake in Grangesburg Iron Mines AB, the holding company of its Grangesburg iron ore project in Sweden, to 49.7% after acquiring a further 29.8% stake for GBP525,000. It also has a 12% stake in Canadian firm Labrador Iron Mines Holdings Ltd, which it said continued to advance its Houston direct shipping iron ore project towards production.
Anglesey said that base metal prices softened during the year, but that overall commodity prices were resilient and demand for metals - particularly those "critical" to clean energy technology - remained strong.
"As a board, we retain our confident view that the outlook for minerals, particularly for the copper and zinc minerals at Parys Mountain, and for iron ore where we hold significant investments, is very encouraging," Chair John Kearney said.
The company expects to start infill drilling of Parys Mountain's large northern copper zone in October, and to complete permitting activities and metallurgical test work required to move the project to production with "continuous progress" expected during the current year.
Anglesey Mining shares were up 4.5% at 1.39 pence in London on Monday.
By Emma Curzon, Alliance News reporter
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