9th March 2021
LSE:AYM
Labrador Iron
Mines
Houston
Preliminary Economic Assessment
Anglesey Mining plc (“Anglesey”) is pleased to report
that Labrador Iron Mines Holdings Limited (“LIMH”) in which
Anglesey has a 12% holding has released the details of a
Preliminary Economic Assessment (“PEA”) on its 52% owned Houston
Project.
Analysis
The Houston PEA which was prepared by Roscoe Postle Associates
Inc of Toronto reviewed the
development of the Houston and
Malcolm deposits in Newfoundland
and Labrador and in Quebec, Canada. The PEA suggests a
production time frame of 12 years after an 18-month construction
period. Iron ore production would amount to approximately 2
million tonnes per annum of 62% iron lump and sinter direct
shipping ore. Initial capital cost including contingency is
forecast at a relatively low US$65
million.
The forecast after tax financial results are strong with an NPV8
and an IRR at US$90 per tonne for 62%
Fe ore of C$109 million and 39%
respectively.
Using the current 62% Fe ore prices of US$160 per tonne increases these financial
results to C$459 million and 209%
respectively.
Further details can be found on the LIMH website at
www.labradorironmines.ca
About Anglesey Mining plc
Anglesey Mining is listed on the London Stock Exchange and
currently has 221,975,732 ordinary shares in issue.
Anglesey is developing its 100% owned Parys Mountain
copper-zinc-lead deposit in North
Wales, UK with a 2020 reported resource of 5.2 million
tonnes at 4.3% combined base metals in the Indicated category and
11.7 million tonnes at 2.8% combined base metals in the Inferred
category.
Anglesey holds an almost 20% 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 currently 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