Shareholders General Meeting Results + Chairman’s Update
Comments |
Anglesey Mining plc is pleased to report that at the General
Meeting of Shareholders held on 30th October, to
consider resolutions pertaining to the annual report and accounts
and in respect of authorities to issue new share capital which were
not presented at the AGM held on 30
September 2020, all resolutions presented were approved and
details are shown below.
Chairman’s Comments
Following the formal business of the meeting, the Chairman
John Kearney gave a short update
presentation on the affairs of the Company.
Commodity
Prices
We are very encouraged that most commodity prices which are of
interest to us have shown continued strength over recent
months. This strength appears to be supported by a
combination of strong demand, driven in part by stimulus programmes
in China and likely to be followed
by other major industrial nations, and pressure on production
largely as a result of the impacts of the Covid-19 pandemic in the
major metal producing nations.
As discussed in the Annual Report published in September, base
and precious metal prices, particularly copper, zinc and gold and
silver, all recovered strongly from lows at the beginning of this
year. This recovery has been sustained and we are comfortable
that the same fundamentals, being challenges in supply and steady
demand in China, will continue to
support these prices. We take a very positive view on copper
and expect the current price to increase further in the medium
term. This should be of great benefit to Anglesey as we
consider the deeper resources at Parys Mountain where copper tends
to dominate over zinc in the commodities value mix.
As noted in our latest press release, October 29, 2020, the price of iron ore, as 62%
Fe, has increased from around $US80
per tonne in January to over $US120
per tonne currently. At these price levels Anglesey’s
investments in both Labrador Iron Mines in Canada and the Grangesberg Iron project in
central Sweden become increasingly
attractive. In common with market analysts we believe that
increased stimulus demand from China and the continuation of supply problems
in Brazil will support the price
of iron ore in the $US100 per tonne
range for some time to come.
Parys Mountain -- Economic Assessment
Study Underway
As previously announced, Micon International Limited (“Micon”)
have been awarded a contract to prepare a Preliminary Economic
Assessment on the Parys Mountain project. The PEA will
evaluate a number of different options for the development of Parys
Mountain including potential production from not just the indicated
resources that formed the basis for the 2017 Micon Scoping Study,
but also from the far greater volumes of inferred resources,
including the higher value copper rich orebodies in the Lower
Engine, Garth Daniel and Northern
Copper zones.
This PEA will be based on the various optimisation studies that
have been carried out by QME over the past two years. QME has
now completed this work and the analysis and results have been
provided to Micon.
As noted in our Annual Report, QME identified the potential for
improvements in the development plans contained in the 2017 Scoping
Study which was based on mining only the 2.1 million tonnes of
indicated resources. The QME work suggests that that the Parys
Mountain project can be further improved if the potential mineable
tonnage can be increased by using a lower cut-off grade, and that
at a production cut-off of $48 per
tonne, approximately 5.25 million tonnes in situ within the
designed stoping blocks would be available within the White Rock and Upper Engine Zones for
consideration in a detailed life-of-mine schedule. These 5.25
million tonnes are substantially higher than the mineable tonnage
of 2.1 million tonnes used in the 2017 Scoping Study.
The QME work also identified a further 5.5 million tonnes of
modelled inferred resources in deposits other than White Rock and Upper Engine zones that could
be considered for inclusion in detailed mine design. These other
zones, the Lower Engine, Garth
Daniel and Northern Copper zones, are approximately 1.3 km
east-west and 370 metres north-south and lie immediately to the
northeast of the White Rock and
Engine zones.
The PEA being prepared by Micon will incorporate the outcomes
from this QME work. We are informed by Micon that progress on the
PEA is well advanced and we are hoping to make a detailed release
on the results of the PEA before the end of this year.
Iron Ore Positive
Outlook
With the current positive outlook for iron ore prices we now
have the opportunity to review interest in both Labrador Iron Mines
(LIM) in Canada and in Grangesberg
Iron in Sweden.
As previously reported, LIM is progressing work on Stage 2 of
its planned direct shipping ore mining operations, which involves
the development of the Houston
project and has engaged Roscoe Postle Associates (RPA), to complete
an independent Preliminary Economic Assessment on the project to be
used for consideration of financing options. The Houston deposit is estimated to contain a
resource of 40-million tonnes grading 57.6% iron, but the PEA will
focus on a higher-grade subset of this resource suitable for direct
shipping using dry crushing and screening only. LIM expects the
PEA, to be completed before the end of the calendar year.
At Grangesberg, RPA estimated a resource of 115.2 million tonnes
at 40.2% Fe in the indicated category and 33.1 million tonnes at
45.2% Fe in the inferred category in 2014. The +67% Fe
high-quality product expected to be produced from Grangesberg,
continues to make the interest in developing the Grangesberg
project attractive.
New Projects
With the benefit of our listing on the Main Board of the London
Stock Exchange, and the current strength in base metal prices and
renewed investor interest, we are now also actively reviewing some
new opportunities for mineral exploration and development projects,
with a focus on advanced copper and other base metal projects that
would be complementary to Anglesey’s current operations.
Voting on General Meeting resolutions
2020
The directors are pleased to report that at the general meeting
of shareholders held on 30 October
2020 all resolutions were passed unanimously on a show of
hands. This general meeting dealt with resolutions pertaining to
receiving the annual report and accounts and in respect of
authorities to issue new share capital which were not presented on
at the AGM held on 30 September
2020.
The valid proxies recorded in respect of voting at the meeting
were as follows:
|
Resolution |
In Favour |
Against |
Withheld |
1 |
To receive the annual accounts and
directors' and auditor’s reports for the year ended 31 March
2020 |
60,534,797 |
803,750 |
10,000 |
2 |
To approve the directors'
remuneration report |
60,488,698 |
858,849 |
1,000 |
3 |
To approve the directors'
remuneration policy in the directors’ remuneration report |
60,323,058 |
867,123 |
158,366 |
4 |
To authorise the directors to issue
new share capital |
60,392,759 |
933,152 |
22,636 |
5 |
To dis-apply pre-emption rights in
respect of certain issues of shares |
60,371,609 |
950,302 |
26,636 |
Notes
Votes were received in respect of 61,348,547 shares representing
30% of the issued share capital.
Any proxy appointments which gave discretion to the chairman
have been included in the “For” total.
The full text of the resolutions is shown in the notice of the
AGM which is available in the annual report and on the website.
Total voting rights
The issued ordinary share capital of the company is 201,975,732
shares with voting rights; there are no shares in treasury.
The above figure may be used by shareholders as the denominator
for the calculations which will determine whether they are required
to notify their interest in the company, or any change to that
interest, under the FCA’s Disclosure and Transparency Rules.
About Anglesey Mining plc
Anglesey is in evaluation work at its 100% owned Parys Mountain
copper-zinc-lead deposit in North
Wales, UK with a 2012 reported resource of 2.1 million
tonnes at 6.9% combined base metals in the indicated category and
4.1 million tonnes at 5.0% combined base metals in the inferred
category. Micon International is currently preparing a PEA on
the Parys Mountain project.
Anglesey holds a 10% interest, and management rights to the
Grangesberg Iron project in Sweden, together with a right of first refusal
to increase its interest by a further 50.1%. Anglesey also
holds 12% of Labrador Iron Mines Holdings Limited which holds
direct shipping iron ore deposits in Labrador and Quebec.
Anglesey is also currently and actively reviewing other compatible
base metal projects at advanced stages suitable for incorporation
into the Anglesey Group.
For further information, please contact:
Bill Hooley, Chief Executive +44
(0)7785 572517
Danesh Varma, Finance Director
+44 (0)7740 932766