Anglesey Mining PLC General Meeting Results & Chairman's Update Comments

 
TIDMAYM 
 
Shareholders General Meeting Results + Chairman's Update Comments 
 
Anglesey Mining plc is pleased to report that at the General Meeting of 
Shareholders held on 30th October, to consider resolutions pertaining to the 
annual report and accounts and in respect of authorities to issue new share 
capital which were not presented at the AGM held on 30 September 2020, all 
resolutions presented were approved and details are shown below. 
 
Chairman's Comments 
 
Following the formal business of the meeting, the Chairman John Kearney gave a 
short update presentation on the affairs of the Company. 
 
Commodity Prices 
 
We are very encouraged that most commodity prices which are of interest to us 
have shown continued strength over recent months.  This strength appears to be 
supported by a combination of strong demand, driven in part by stimulus 
programmes in China and likely to be followed by other major industrial 
nations, and pressure on production largely as a result of the impacts of the 
Covid-19 pandemic in the major metal producing nations. 
 
As discussed in the Annual Report published in September, base and precious 
metal prices, particularly copper, zinc and gold and silver, all recovered 
strongly from lows at the beginning of this year.  This recovery has been 
sustained and we are comfortable that the same fundamentals, being challenges 
in supply and steady demand in China, will continue to support these prices. 
We take a very positive view on copper and expect the current price to increase 
further in the medium term.  This should be of great benefit to Anglesey as we 
consider the deeper resources at Parys Mountain where copper tends to dominate 
over zinc in the commodities value mix. 
 
As noted in our latest press release, October 29, 2020, the price of iron ore, 
as 62% Fe, has increased from around $US80 per tonne in January to over $US120 
per tonne currently.  At these price levels Anglesey's investments in both 
Labrador Iron Mines in Canada and the Grangesberg Iron project in central 
Sweden become increasingly attractive.  In common with market analysts we 
believe that increased stimulus demand from China and the continuation of 
supply problems in Brazil will support the price of iron ore in the $US100 per 
tonne range for some time to come. 
 
Parys Mountain  -- Economic Assessment Study Underway 
 
As previously announced, Micon International Limited ("Micon") have been 
awarded a contract to prepare a Preliminary Economic Assessment on the Parys 
Mountain project.  The PEA will evaluate a number of different options for the 
development of Parys Mountain including potential production from not just the 
indicated resources that formed the basis for the 2017 Micon Scoping Study, but 
also from the far greater volumes of inferred resources, including the higher 
value copper rich orebodies in the Lower Engine, Garth Daniel and Northern 
Copper zones. 
 
This PEA will be based on the various optimisation studies that have been 
carried out by QME over the past two years.  QME has now completed this work 
and the analysis and results have been provided to Micon. 
 
As noted in our Annual Report, QME identified the potential for improvements in 
the development plans contained in the 2017 Scoping Study which was based on 
mining only the 2.1 million tonnes of indicated resources. The QME work 
suggests that that the Parys Mountain project can be further improved if the 
potential mineable tonnage can be increased by using a lower cut-off grade, and 
that at a production cut-off of $48 per tonne, approximately 5.25 million 
tonnes in situ within the designed stoping blocks would be available within the 
White Rock and Upper Engine Zones for consideration in a detailed life-of-mine 
schedule. These 5.25 million tonnes are substantially higher than the mineable 
tonnage of 2.1 million tonnes used in the 2017 Scoping Study. 
 
The QME work also identified a further 5.5 million tonnes of modelled inferred 
resources in deposits other than White Rock and Upper Engine zones that could 
be considered for inclusion in detailed mine design. These other zones, the 
Lower Engine, Garth Daniel and Northern Copper zones, are approximately 1.3 km 
east-west and 370 metres north-south and lie immediately to the northeast of 
the White Rock and Engine zones. 
 
The PEA being prepared by Micon will incorporate the outcomes from this QME 
work. We are informed by Micon that progress on the PEA is well advanced and we 
are hoping to make a detailed release on the results of the PEA before the end 
of this year. 
 
Iron Ore Positive Outlook 
 
With the current positive outlook for iron ore prices we now have the 
opportunity to review interest in both Labrador Iron Mines (LIM) in Canada and 
in Grangesberg Iron in Sweden. 
 
As previously reported, LIM is progressing work on Stage 2 of its planned 
direct shipping ore mining operations, which involves the development of the 
Houston project and has engaged Roscoe Postle Associates (RPA), to complete an 
independent Preliminary Economic Assessment on the project to be used for 
consideration of financing options. The Houston deposit is estimated to contain 
a resource of 40-million tonnes grading 57.6% iron, but the PEA will focus on a 
higher-grade subset of this resource suitable for direct shipping using dry 
crushing and screening only. LIM expects the PEA, to be completed before the 
end of the calendar year. 
 
At Grangesberg, RPA estimated a resource of 115.2 million tonnes at 40.2% Fe in 
the indicated category and 33.1 million tonnes at 45.2% Fe in the inferred 
category in 2014.  The +67% Fe high-quality product expected to be produced 
from Grangesberg, continues to make the interest in developing the Grangesberg 
project attractive. 
 
New Projects 
 
With the benefit of our listing on the Main Board of the London Stock Exchange, 
and the current strength in base metal prices and renewed investor interest, we 
are now also actively reviewing some new opportunities for mineral exploration 
and development projects, with a focus on advanced copper and other base metal 
projects that would be complementary to Anglesey's current operations. 
 
Voting on General Meeting resolutions 2020 
 
The directors are pleased to report that at the general meeting of shareholders 
held on 30 October 2020 all resolutions were passed unanimously on a show of 
hands. This general meeting dealt with resolutions pertaining to receiving the 
annual report and accounts and in respect of authorities to issue new share 
capital which were not presented on at the AGM held on 30 September 2020. 
 
The valid proxies recorded in respect of voting at the meeting were as follows: 
 
         Resolution                              In Favour      Against       Withheld 
 
1        To receive the annual accounts and     60,534,797      803,750         10,000 
         directors' and auditor's reports 
         for the year ended 31 March 2020 
 
2        To approve the directors'              60,488,698      858,849          1,000 
         remuneration report 
 
3        To approve the directors'              60,323,058      867,123        158,366 
         remuneration policy in the 
         directors' remuneration report 
 
4        To authorise the directors to          60,392,759      933,152         22,636 
         issue new share capital 
 
5        To dis-apply pre-emption rights in     60,371,609      950,302         26,636 
         respect of certain issues of 
         shares 
 
Notes 
 
Votes were received in respect of 61,348,547 shares representing 30% of the 
issued share capital. 
 
Any proxy appointments which gave discretion to the chairman have been included 
in the "For" total. 
 
The full text of the resolutions is shown in the notice of the AGM which is 
available in the annual report and on the website. 
 
Total voting rights 
 
The issued ordinary share capital of the company is 201,975,732 shares with 
voting rights; there are no shares in treasury. 
 
The above figure may be used by shareholders as the denominator for the 
calculations which will determine whether they are required to notify their 
interest in the company, or any change to that interest, under the FCA's 
Disclosure and Transparency Rules. 
 
About Anglesey Mining plc 
 
Anglesey is in evaluation work at its 100% owned Parys Mountain 
copper-zinc-lead deposit in North Wales, UK with a 2012 reported resource of 
2.1 million tonnes at 6.9% combined base metals in the indicated category and 
4.1 million tonnes at 5.0% combined base metals in the inferred category. 
Micon International is currently preparing a PEA on the Parys Mountain project. 
 
Anglesey holds a 10% interest, and management rights to the Grangesberg Iron 
project in Sweden, together with a right of first refusal to increase its 
interest by a further 50.1%.  Anglesey also holds 12% of Labrador Iron Mines 
Holdings Limited which holds direct shipping iron ore deposits in Labrador and 
Quebec. 
Anglesey is also currently and actively reviewing other compatible base metal 
projects at advanced stages suitable for incorporation into the Anglesey Group. 
 
 
For further information, please contact: 
 
Bill Hooley, Chief Executive [phone] 
 
Danesh Varma, Finance Director [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

November 02, 2020 02:00 ET (07:00 GMT)