Business
Half-yearly report
Half-yearly report.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc LSE:AYM\n\n25 November 2009\n\nInterim report and financial statements at 30 September 2009.\n\nChairman's statement\n\nAnglesey Mining with its flagship Labrador iron ore project has made major\nprogress during the half year ended 30 September 2009. Labrador is moving\nsteadily towards iron ore production and has been successful in reaching its\ntargets. We are pleased that the market has begun to recognise both what we are\nachieving and what we intend to achieve during the next twelve months. This is\nshown by both improved market understanding of the project and a share price\nwhich is beginning to reflect the underlying value of the group's assets.\n\nLabrador Iron Ore\n\nLabrador Iron Mines (LIM) the group's 50% owned Toronto Stock Exchange listed\nassociate has made good progress in advancing its Schefferville direct shipping\niron ore project towards production with active programmes including drilling,\nmetallurgical testing, environmental permitting and marketing.\n\nOn 5 November 2009 the Department of Environment and Conservation of the\nProvince of Newfoundland and Labrador confirmed that LIM's Environmental Impact\nStatement for phase I complies with the Environmental Protection Act and\nrequires no further work. Final release of project environmental approval is now\nawaited following which LIM will submit applications for the necessary operating\npermits and licenses. Assuming these permits and licences are issued during the\nfourth quarter of calendar 2009, it is planned to begin initial site\nconstruction during the winter of 2009-10, ahead of the start up of commercial\nproduction, which is currently scheduled for the middle of calendar 2010.\n\nActivities\n\nA programme of reverse circulation drilling commenced at the beginning of June\n2009 and was completed at the end of October. A total of 4,830 metres of reverse\ncirculation drilling in 72 drill holes and 1,525 meters of trenching in 31\ntrenches was completed. Most of the work was at the four deposits planned to be\nmined in the phase 1 development plan.\n\nThe results of this testwork, together with results from the 2006 and 2008\nprogrammes, were combined with historical data generated by the Iron Ore Company\nof Canada during its 30 year operational occupation of the Schefferville area,\nto form the basis for compliant resource ...