Parys Partners Wanted by Island Mining Company
With a healthy profit to report in the year to March 2010, Anglesey Mining (LSE: AYM)is looking for partners to develop its Parys Mountain site outside Amlwch.
The company which has a significant interest in iron ore production in Labrador, Canada, recorded a profit of £8.2 million after posting a loss in the previous year.
At Parys Mountain on Anglesey there are copper, zinc and lead deposits along with lower concentrations of gold and silver. The company is now looking to develop this resource further.
While there had been very strong interest expressed by Perth-based Australian miner Western Metals, who also carried out some preliminary due diligence work, this proposed acquisition fell through in October 2008.
Anglesey Mining has carried out extensive drilling work at the Parys Mountain location to better understand the sub-surface deposits, and further work is planned to gain more knowledge.
Chairman John Kearney pointed out that attention has been focused more on the company's iton ore interests in Labrador than on the copper and zinc deposits at Parys.
He now believes it is a very good time to look for a partner to take forward the work on the Anglesey location.
Looking at time frames, Mr Kearney sees the efforts into getting Labrador Iron Ore Mines Holdings (LIM) up to full output as a short term priority, with growth and development at Parys Mountain seen as a medium term objective.
At the global level the robust demand from the Chinese economy for commodities in general and iron and copper in particular to fuel its infrastructure-led recovery, will provide a floor under the metal price over the coming months.
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