Business
General Meeting Results & Chairman's Update...
General Meeting Results & Chairman's Update....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \n \n \n \n Shareholders General Meeting Results + Chairman’s Update Comments\n \n \n \n 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.\n Chairman’s Comments\n Following the formal business of the meeting, the Chairman John Kearney gave a short update presentation on the affairs of the Company.\n Commodity Prices\n 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.\n 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.\n 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.\n \n \n Parys Mountain\n -- E...