Anglesey Mining Share Discussion Threads

[trader465] 07/9/2022 17:35

Market cap is now about half of the £13m offered for just the Parys mountain asset in 2008, implying zero value for LIM and Grangersberg



AN ambitious venture to reopen a copper mine has suffered a huge setback after an Australian mining giant pulled out of a £13m deal.

Anglesey Mining had been in discussions with Perth firm Western Metals Ltd to take on the Parys Mountain project, which would have created up to 100 jobs.

The move would have seen mining restart at the historic Amlwch site for the first time in a century.

But yesterday Anglesey Mining bosses revealed the deal was off as negotiations had crumbled.

They said the deal had been hit by the international credit crunch.

The news comes as the island faces the threat of a massive jobs blow with electrics firm Eaton consulting about moving its Holyhead plant, which employs 265 workers, to Austria.

Wylfa nuclear power station is also set to start decommissioning in 2010 and Anglesey Aluminium, which employs more than 400 in Holyhead, has yet to secure a power deal beyond 2009.

Anglesey Mining chief executive Bill Hooley said: “This is not the best time to be trying to get funding, it is probably the worst time. The Australian dollar has been badly hit and this would have increased the costs for Western Metals.

“This is a knock-back and maybe with the current economic climate it is time to take a breather and see how the international situation develops.

“A worldwide recession would not be good for us but at the moment the demand for copper remains historically high. This has not finished anything but it is a setback.”

Anglesey Mining has been working since the 1990s to restart mining at the site, which in the 18th century was the most productive copper mine in the world.

The firm hoped to extract copper, zinc and lead, hopes that were boosted as international metal prices spiralled.

Amlwch councillor Gareth Winston Roberts said: “It is always disappointing to hear that possible job opportunities will not be created, especially in an area like Amlwch which does suffer high unemployment.

“My greatest concern is the job losses at many small companies on Anglesey, which are suffering.”

In April this year Western Metals had proposed acquiring the project for £13m in cash and shares. But in the summer the firm said it wanted to renegotiate the amount.

Yesterday a spokesman said: “Western Metals has remained in detailed discussions with Anglesey Mining plc since that time. However the parties have been unable to agree on commercial terms.

“Accordingly, Western Metals has now ceased negotiations with Anglesey.”

[eriktherock] 07/9/2022 15:29

eriktherock - 24 Jun 2022 - 14:37:49 - 4131 of 4380 Anglesey Mining - 2021 onwards - Copper, Iron, Zinc, Lead - AYM
Iglenn, 'Daily' rounded up (4.25 - 3.25 = 1.00) (3.25 - 1.00 = t2.25)
No skin in game here yet. I hope you prosper.

[iglenn] 07/9/2022 15:21

Kooba. I admire your resilience. But but the truth is reflected i the share price which is down yet again today.

[kierculpa] 07/9/2022 12:30

I was being rhetorical. Sleepy Jo clearly isn't doing enough for his money.

[calmtrader] 07/9/2022 12:04

Call him and ask him I'm sure he'll tell you

[kierculpa] 07/9/2022 11:57

The main question is what does the ceo actually do all day?

[calmtrader] 07/9/2022 11:10

Just added@2.49

[iglenn] 06/9/2022 14:21

Yet Still we drift further down. It's all talk.

[kooba] 06/9/2022 10:08

He's turning projects that have idled for years around to be fundable and has achieved a lot in a year..there has been much more news flow under Jo ..with the old guard was report and accounts , placings and director sales..not much else! Oh and the massively misleading narrative of where the projects were and timescales...what's the point in talking things up unless you are getting the projects into a position of strength to even attempt funding?

[sos100] 06/9/2022 09:17

Needs some Ammo in conjuction with getting the story out....i feel he does have some plans but at the moment (without an RNS) we don't know what it is....

[kooba] 06/9/2022 08:00

If he didn't make an effort in getting what I believe is a very good story with huge potential out there then he would get highly criticised..when he does it seems the same way ! I think his shareholder and market engagement is 10 times better than anything before his appointment..i don't see this a bad thing quite the contrary.

[sos100] 06/9/2022 07:50

"Jo needs to work urgently on strategic partnerships to move assets to the next phase and prove their industry value."

Kooba - if he does this then at least we know he's trying to move projects forward...but in my epxeriance excessive use of twitter and repeating the same stuff on new presentations doesn't inspire - that's just coming from my experiance of these small caps

[kooba] 06/9/2022 07:47

Why has the share price gone down..I'm selling. Oh!I'm not selling as the share price on micro caps does not necessarily reflect progress and progress is being made.The sharp setback in the metals prices have taken a heavy toll on the sector unsurprisingly , i would imagine many small cap miners especially pre development and exploration have behaved the same ytd.However i remain bullish on key metals and the strategic position of the companies assets is a plus from a year ago.Jo needs to work urgently on strategic partnerships to move assets to the next phase and prove their industry value..it is going to be an increasing long haul if he relies entirely on shareholders ..needs som funding thinking outside the box.

[sos100] 06/9/2022 07:45

That doesn't sound very positive :)

we've gone from 20p+ to another 6 months?

I don't expect Rome to be build in a day but what i would expect is some plan as to how they hope to increase the share price over short,med, longer term

I just haven't seen anything

ps recent options at 4p doesn't inspire

[trader465] 06/9/2022 06:26

SOS100 - yes I’m still holding, I’ll give it another six months

[iglenn] 06/9/2022 00:27

I must admit I've had enough now. 2 year's to watch my investment go red by over 50%. A new CEO a real player doesn't move the share price after a year at the helm, in fact the so is now lower. WI'm outa here the best opportunity arises. Sorry gang but is a truth.

[benjamin15] 05/9/2022 16:30

Trader
Is in Thailand so he could be holding anything or anyone at the moment 😂😂😂

[j5thumbs] 05/9/2022 15:43

Thanks calmtrader.

[sos100] 05/9/2022 09:46

is trader still holding?

gone quiet

[calmtrader] 05/9/2022 09:28

Spread showing 50-80 so anything less than 65 they believe to be a sell

[j5thumbs] 05/9/2022 09:01

Just topped up with another 38,000 shares @ 2.6p, but ADVFN showing it as a sale. How does ADVFN decide whether a buy or a sell ?

[j5thumbs] 03/9/2022 20:11

Both Jo and Ross Allister from Peel Hunt will be key speakers there, so some interesting possible networking. Cornish Lithium organising the whole shindig.