Business
Trading Statement - Labrador Iron reports resul...
Trading Statement - Labrador Iron reports resul....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc LSE:AYM 30 June 2010\n\nLIM reports fiscal 2010 year end financial results\n\nStrong balance sheet with $48.3 million in cash\n\nAnglesey Mining plc announces that its 41% owned associate company Labrador Iron\nMines Holdings Limited (TSX: LIM) has reported its results for the fiscal year\nended 31 March 2010. At 31 March 2010, LIM held $48.3 (£31.5) million in cash\nand cash equivalents with no debt and is in sound financial condition. Current\nliabilities, comprising accounts payable and accrued liabilities were $2.1\n(£1.4) million.\n\nLIM reported net income of $1.16 (£0.7) million or $0.03 per share compared to a\nloss of $0.35 (£0.2) million or $0.01 per share for the prior year. The net\nincome resulted primarily from a future income tax recovery of $3.9 (£2.5)\nmillion due to a reduction in the Ontario tax rate that took effect in November\n2009. This was largely offset by corporate, management and administration\nexpenses of $2.4 (£1.6) million.\n\nTo 31 March 2010 approximately $30 (£20) million had been expended on the\ncapital cost of the Schefferville Area Project, including exploration.\n\nSchefferville Area Project Update\n\nRail Spur Line Completion\nThe first major construction activity has been the laying of the planned 4.5 km\nrailway spur line from the Sept-Iles - Schefferville main line to LIM's\nprocessing site at Silver Yards. Installation of the new track commenced in May\n2010 and has now been completed including ballast and tamping work. The new rail\nspur line will be used to move to site the main components of the processing\nplant and the accommodation camp. In due course the spur line will be further\nextended to facilitate future operations. LIM has submitted the required\ninformation to support an operating certificate for the use of the railroad and\nis awaiting the approval for its operation.\n\nBeneficiation Plant and Camp\nAll of the items of the beneficiation plant have been ordered and manufacturing\nof the components has been largely completed. These items are now being brought\nto railheads at Sept-Iles and at Labrador City awaiting delivery to site. Some\npre-assembly is taking place in Labrador City. Subject to receipt of outstanding\npermits and licences, final assembly on site should take place this summer to\nenable the beneficiation facilities to be commissione...