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Anglesey acquires a further 29.8% of Grängesbe...
Anglesey acquires a further 29.8% of Grängesbe....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \n Trading Symbol\n AIM: AYM\n 12th January 2023\n Anglesey Mining plc\n (“Anglesey” or “the Company”)\n Anglesey acquires a further 29.8% of Grängesberg Iron AB\n Anglesey Mining plc (AIM:AYM), the UK minerals development company, is pleased to announce it has entered into an agreement to acquire an additional 29.8% of Grängesberg Iron AB (“GIAB”), the entity that owns the Grängesberg Iron Ore Project in Sweden, taking Anglesey’s stake to 49.75%.\n \n Anglesey Mining plc has agreed with Roslagen Resources AB (“Roslagen”) to purchase Roslagen’s 29.8% stake in GIAB, taking Anglesey’s ownership level to 49.75%, and the assignment to Anglesey of 40% of outstanding subordinated debt owed to Roslagen by GIAB with a nominal value of £335,000, for a total consideration of £525,000, to be satisfied as follows: \n\nA cash payment on completion of SEK 1,090,000 (c.£87,000), funded from the Company’s existing resources; and,The issue to Roslagen of 14,544,827 new ordinary shares of Anglesey Mining at a price of 3.0 pence per share (the “Consideration Shares”), to be held in escrow for twelve months from the date of issue. A further announcement will be made upon the issue of the Consideration Shares.\n At the closing of the transaction, Roslagen will hold 4.9% of the expanded capital of Anglesey and will also continue to hold approximately SEK 6,280,000 (£500,000) in subordinated debt due from GIAB\n Anglesey has a Right of First Refusal on the remaining 50.25% of GIAB\n Andreas Simoncic, a director and shareholder of Roslagen will remain on the Board of GIAB\n The Updated PFS for Grängesberg completed in July 2022 highlighted the robust economics of the asset with a post-tax NPV8 of US$688m, at an iron ore price of US$120/tonne, 62% Fe, CFR China benchmark, and FOB costs of US$53/t to the ice-free port of Oxelösund, Sweden\n Previously, revenue was also generated from the sale of apatite concentrates (17-19% P) produced from the tailings stream. While the PFS indicates potential apatite production of 210ktpa, no sales have yet been included in the financial evaluation. This product also contains elevated rare earth content\n The Swedish Mining Inspectorate granted Grängesberg Iron AB a 25-year mining concession for the iron ore mine in 2013\n \n \n Jo Battershill, Chief Executive of Anglesey Mining, commented: “We are very excited to a...