Business
Interim report at 30 September 2021
Interim report at 30 September 2021.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \n Anglesey Mining plc\n Half yearly report for the six months to 30 September 2021\n Chairman’s Statement and Management Report\n The period ended 30 September has been very positive for both the minerals industry in general and for Anglesey Mining in particular. Most commodity prices have been well supported over the period, particularly copper and zinc which are the key metals expected to be produced from the Parys Mountain project. Iron ore prices almost halved from their record highs.\n As previously announced, we appointed Jo Battershill as Chief Executive in August. His focus is to take Anglesey forward by securing funding to ensure that both the Parys Mountain and Grängesberg assets can be advanced to the next decision points. Subsequent to the end of the period, we raised £768,000 that will be used to undertake drilling and environmental studies at Parys Mountain and to fund a Preliminary Economic Assessment on the Grängesberg iron project.\n As per our comments in the Annual Report, the impact of Covid-19 on the day-to-day running of Anglesey Mining has been quite limited. We believe that encouraging developments with vaccines will lead to stability in general economic and operating conditions and the inevitable stimulus relief and infrastructure programmes will bolster demand for all metals; in particular the electrification of the economy which is likely to lead to increased demand for copper, zinc and silver.\n Commodity prices\n Over the period, all the metals that would be produced from the Parys Mountain project have shown ongoing support from improving levels of economic activity and some global supply outages. Some of the world’s largest mines in Peru and Chile have seen reduced production from strike action and community blockades.\n As with the previous period, continuing pressure on current operating mines in some countries because of Covid has created a shortfall in supply that is dominating the base metal markets. It is our belief that this is likely to continue for some time to come. This shortfall is accompanied by increasing demand from the major infrastructure and Covid relief programmes that continue to be announced by governments across the globe. In the US alone a $1 trillion infrastructure programme was approved subsequent to the end of the period.\n Of particular importance to Parys Mount...