Anglesey Mining plunges on uncertain outlook

Shares in Anglesey Mining plunged over 17% on Friday, after the miner warned its medium-term outlook remained unclear.

In the six months to the end of September, the group said its pre-tax loss narrowed from £878,908 to £135,949 as an impairment of approximately £700,000 the company had booked in the corresponding period in 2014 did not recur.

The London-listed company added it expects the demand-to-supply balance to be restored and commodity prices will need to return to a level which ensures production at "reasonable profit" is sustainable.

"While the current situation is dark and indeed the future is uncertain, Anglesey remains positive that a recovery will occur within a sensible time frame,” said group chairman John Kearney.

“We will maintain our assets in good standing to permit us take the fullest advantage of the inevitable.”

Anglesey shares were down 17.11% to 1.24p at 1548 GMT on Friday.