Anglesey Mining plc swung to a profit of £3.7 million for the last financial year, compared with a £0.3m loss the previous year, due to its 12% holdings in Labrador Iron Mines in Canada.
FINANCES
In its full year results ended 31 March 2021, the company reported no revenues from its own base and precious metals project at Parys Mountain in North Wales.
The loss before other comprehensive income for the year was £328,518 (31 March 2020: loss of £304,510).
Administrative and other costs excluding investment income and finance charges were £162,824 (2020: £134,796).
A placing during the year raised £1,068,200, after fees and expenses.
The cash balance at 31 March 2021 was £891,767 which will be used on the Parys Mountain project and general corporate purposes.
PARYS FEASIBILITY STUDY
Earlier this year, Anglesey Mining released a revised preliminary economic assessment (PEA) and is this financial year expected to start a feasibility study for Parys Mountain.
The study will include environmental baseline studies and will involve infill drilling to convert inferred resources within the White Rock and Engine zones into the indicated category and geotechnical drilling.
This will assist mine optimisation planning and provide bulk samples for metallurgical testwork.
Anglesey will also also complete a review of historical data over the next few months and continue further exploratory programmes.
The company will also revise the pre-feasibility study on the Grängesberg iron ore project in Sweden.
Chief executive and managing director Jo Battershill said that the Parys Mountain and Grängesberg projects had all the hallmarks of long life, highly cash generative mine developments.
“All of the commodities available for extraction at Parys Mountain are critical to the supply chain for the global push of decarbonisation and electrification of the economy and will remain in strong demand over the coming decades,” added Mr Battershill.
“We also believe the development of our projects will enable the shortening of global supply chains with the commensurate reductions in carbon emissions – particularly the high-grade iron ore concentrate that will be produced from the Grängesberg iron ore project in Sweden.”