Name of the Project
Parys Mountain copper/lead/zinc project.

Location
North Wales.

Project Owner/s
Anglesey Mining.

Project Description
A scoping study has reported positive results. 

The selected base case envisages a mining rate of 1 000 t/d to produce an average output of 14 000 t/y of zinc concentrate at 57% zinc, 7 200 t/y of lead concentrate at 52% lead and 4 000 t/y of copper concentrate at 25% copper over an initial mine life of eight years.

The study is based on a surface decline to access the White Rock zone. The proposed decline will be developed by mining contractors and used as the initial means of access to the resource for development and mining.

Mined ore will be trucked up the decline to the proposed surface processing plant.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The base case yields a pretax net present value, at a 10% discount rate, of $33.2-million and an internal rate of return of 28.3%, with a payback of four years.

Capital Expenditure
The initial capital cost for mine development is estimated at $13-million and for the concentrator at $29.5-million, the dense-medium separation plant at $3-million and infrastructure at $10-million, for a total of $53-million. A $4-million contingency provision is included.

Planned Start /End Date
Not stated.

Latest Developments
Anglesey Mining has confirmed that it has placed more than 9.3-million new ordinary shares, representing about 5.3% of the company’s current issued share capital, at 2.135p a share, to raise about £200 000 gross and £180 000 net of capital.

The placing price represents a discount of about 9.1% to the closing middle market price of 2.35p an ordinary share at the close of business on April 26.

The proceeds will be used for the development of Parys Mountain and for general working capital. 

An optimisation study for the project is currently being prepared by QME Mine Engineering Services and this is expected to be completed by the middle of this year.

Key Contracts and Suppliers
Micon and Fairport Engineering (scoping study) and QME (optimisation study).

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Anglesey Mining, tel + 44 1407 831275 or email mail@angleseymining.co.uk.