Business
Interim Management Statement - and Labrador Ir...
Interim Management Statement - and Labrador Ir....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc LSE:AYM\n\n17 February 2010\n\nInterim Management Statement and Labrador Iron updates\n\nThis has been a very positive period for the company and for its 50% owned\nsubsidiary Labrador Iron Mines (LIM).\n\nMost recently, on 12 February 2010, LIM signed an agreement with the Sept-Îles\nPort Authority for the use of the Pointe-Noire facilities at the port to ship\nLIM's iron ore products. LIM has agreed a base fee schedule with the Port\nAuthority regarding wharfage fees for iron ore loading for LIM's shipping\noperations beginning in mid 2010. LIM is currently in negotiations with port\noperators regarding rail transportation, storage, reclaim and ship-loading of\nits iron ore products.\n\nOther highlights for LIM include the decision on 12 February by the Newfoundland\ngovernment to release the first phase of the Schefferville project from the\nEnvironmental Assessment process and the acquisition in late December of an\nadditional 50 million tons of historical resources.\n\nThe share prices of both Labrador Iron and of Anglesey Mining have responded\npositively to the news.\n\n\nLabrador Iron\n\nDuring the period LIM completed a series of transactions that resulted in a\nsubstantial increase in its mineral properties and in the historic resource base\nthat it now has available for future exploitation. The first of these involved\nthe swap of a number of mineral assets with New Millennium Capital Corporation\nannounced in October 2009 followed by the acquisition of a large package of\nmineral properties in the Schefferville area in the Province of Quebec announced\non 17 December 2009.\n\nLIM holds interests in Mineral Rights Licenses issued by the Department of\nNatural Resources, Province of Newfoundland and Labrador, covering approximately\n9,875 hectares. These Licenses are held subject to a royalty of 3% of the\nselling price FOB port of iron ore produced and shipped from the properties.\n\nIn addition, LIM's wholly owned subsidiary, Schefferville Mines Inc (\"SMI\") now\nholds interests in 218 Mining Rights issued by the Ministry of Natural\nResources, Province of Quebec, covering approximately 9,014 hectares. In\naddition SMI holds an exclusive operating interest in a mining lease covering 23\nparcels totalling about 2,816 hectares. These rights and interest are held\nsubject to a royalty of C$2 per ...