Business
Annual Report and Notice of AGM 2019
Annual Report and Notice of AGM 2019.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \nAnglesey Mining plc - Annual Report 2019 \n\nA UK mining company listed on the London Stock Exchange\n\nProjects:\n\n100% of the Parys Mountain underground zinc-copper-lead-silver-gold deposit in North Wales, UK where an updated Scoping Study was completed in 2017. The results of this Study are positive and a further optimisation study is currently underway.\n\n12% of Labrador Iron Mines Holdings Limited which holds direct shipping iron ore deposits in Labrador and Quebec.\n\nA 8.7% interest in, and management rights to, the Grangesberg Iron project in Sweden, together with a right of first refusal to increase its interest to 58.8%.\n\nChairman’s statement\n\nTo Anglesey Shareholders\n\nMetal prices are a key factor in the outlook for the mining and mineral exploration industry as a whole and for Anglesey Mining in particular. Despite the current geopolitical uncertainty caused by fears of trade wars and tariffs, there is a general expectation of a continued positive outlook for base metals, particularly for zinc and copper, and more recently for iron ore.\n\nThe first half of 2018 saw a continued improvement in base metal prices which stalled mid-year as the optimism provided by shrinking metal inventories and generally declining mine production was overshadowed by the growing threat of a US-China trade war, tariffs, potential interest rate hikes in the US, uncertainty in Europe and a general slowdown in the global economy. These conditions caused most metal prices to retreat in the second half of 2018, before stabilizing towards year end\n\nAfter having risen consistently for almost two years, the prices of zinc and copper began falling in mid-2018. Prices softened throughout the second half of 2018 and the first half of 2019 in response to the US/China trade conflict and concerns of slowing global economic growth. The zinc price improved through the first quarter of 2019, reaching a high of US$1.37 per pound (US$3,000/tonne) in mid-April, before weakening in the second quarter of 2019 as the opening of several large new zinc mines negatively impacted the price.\n\nThe expectations for supply and demand fundamentals are positive for 2019. According to the International Lead and Zinc Study Group global demand for refined zinc metal is expected to rise in the second half of 2019 and the expectation is tha...