Business
AGM Statement
AGM Statement.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc LSE:AYM\n\nResults of Annual General Meeting and update on progress\n\nAt the Annual General Meeting of Anglesey Mining plc held in London today, all\nof the resolutions put before the meeting were passed. David Lean, Howard Miller\nand Danesh Varma were re-elected as directors. Details of voting are on the\ncompany's website at www.angleseymining.co.uk\n\nJohn Kearney the chairman addressed the meeting and reported the satisfactory\nprogress being made by Labrador Iron Mines Holdings (TSX:LIM), the company's 50%\nowned associate, which was progressing the development of its iron ore deposits\nin eastern Canada.\n\nHe expressed his confidence that the revised Environmental Impact Statement\nfiled with the Government of Newfoundland and Labrador on 21 August 2009 would\nresult in regulatory approval for the proposed operations which remained on\ntrack to commence commercial production in the middle of 2010.\n\nA presentation on developments in Labrador was given. The key points of this\npresentation were:\n\n · A further 1,000 metres of drilling has been completed since the statement\n made on 22 September 2009 and exploration for the year is expected to be\n completed by mid-October\n\n · Metallurgical testwork has indicated that a high grade product with low\n levels of deleterious elements can be produced\n\n · Subject to timely project release from the Government of Newfound and\n Labrador the project is on track for first commercial production during\n the summer of next year.\n\nThe chairman further noted that following the fall in iron ore prices after the\ndownturn of 2008, prices had recovered (driven by strong demand from China) and\nthat the outlook for iron ore demand remains positive. He also commented on\nrecent broker reports in respect of LIM. Copies of all relevant research of\nwhich the company is aware and permitted to publish can be found on the\nwebsite.\n\nIn respect to the group's Parys Mountain copper, lead and zinc property in North\nWales, John Kearney stated that he had been encouraged by recent recoveries in\nbase metal prices which, if consolidated and improved, would result in further\nefforts being made by the group to unlock the value of the Parys Mountain\nproject. The group would also use this opportunity to source additional projects\nwithin its commodity and regional expe...