RE: Broker target price 11.2031 Oct 2023 10:53
Copper production at Parys ended in 1904. Exploration work resumed in the second half of the 20th Century and, in 1973, a “high grade polymetalic ore deposit” was discovered. Work to reopen the mine then gathered pace but lost impetus following the 2007 financial crisis.
In the early 1970s, the mine’s copper compositions were not considered economic. But rising demand and prices have seen mines open with lower compositions than those at Parys Mountain.
Precious metals at the site will be contained within processed copper and lead concentrates, to be extracted at overseas smelting plants. So while copper will represent 50% of the mine’s output, and zinc 35%, some Anglesey gold and silver will be produced – around 350,000 oz of silver annually, and 1,000-3,000 oz of gold.