Business
LIM - Annual General Meeting
LIM - Annual General Meeting.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \nAnglesey Mining plc\n\n19 September 2013 LSE:AYM\n\nLIM - Annual General Meeting\n\nLIM Operations Update\n\nAnglesey's 15% owned associate Labrador Iron Mines Holdings Limited (LIM) held\nits Annual Meeting of Shareholders in Toronto on September 18, 2013, and\nprovided an operations update of its direct shipping iron ore mines and\nprojects in the Schefferville area of the Labrador Trough, with the following\nhighlights:\n\nLIM reported the completion of the Joint Venture Agreement with Tata Steel\nMinerals Canada for the exploration and development of LIM's Howse Deposit.\n\nFor the fiscal second quarter ending September 30, 2013, LIM expects to report\nthe sale of four iron ore shipments (Ships 3 - 6) totalling approximately\n700,000 wet metric tonnes (\"wmt\") of 62% Fe lump and sinter product. Three iron\nore shipments were completed in July and August 2013 and the next shipment\n(Ship 6) is awaiting loading at the Port of Sept-ÃŽles.\n\nLIM's four shipments during the quarter should benefit from more favourable\niron ore market conditions, where the average iron ore price on the Platts\nIndex has been above US$125 per tonne (CFR China 62% Fe).\n\nLIM's 2013 exploration program is budgeted at $8 million to drill approximately\n14,000 metres (\"m\") on a number of key projects including the Howse, Gill and\nHouston Deposits.\n\nIron Ore Sales\n\nFor the quarter ending September 30, 2013, LIM expects to report the sale of\nfour iron ore shipments (Ships 3 - 6) totaling approximately 700,000 wet metric\ntonnes (\"wmt\") of 62% Fe lump and sinter products, outlined as follows:\n\nShip 3, SamJohn Dream, departed the Port in mid-July carrying approximately\n186,500 wmt of sinter;\n\nShip 4, Hydra Warrior, departed the Port in early August carrying approximately\n175,000 wmt (combined cargo of 128,000 tonnes of sinter and 47,000 tonnes of\nlump);\n\nShip 5, Cape Althea, departed the Port at the end of August carrying\napproximately 175,000 wmt of sinter; and,\n\nShip 6, Cape Northville, is currently docked at the Port awaiting loading with\napproximately 165,000 wmt of sinter.\n\nDuring the first quarter ended June 30, 2013, LIM completed its first two\nshipments of iron ore totaling approximately 351,500 wmt, which brings total\nshipments in 2013 to date to approximately 1,050,000 wmt. LIM is working to\ncomplete four more ...