Anglesey Mining upbeat as loss widens

Anglesey Mining said it remained positive about its prospects as it reported a wider first-half loss after costs increased without it generating any revenue.

The loss for the six months to the end of September was £156,600 compared with £137,117 a year earlier. Expenses rose to £71,493 from £57,477 and financing costs increased to £85,190 from £79,719. Revenue remained at zero.

The company is developing the Parys Mountain zinc, copper lead project in Anglesey, Wales. QME, a mining contractor, has identified 5.5m tonnes of "currently modelled inferred resources" at the site. Anglesey, which also has iron ore interests in Sweden and Canada, said it believed the Anglesey site had more potential and that the mine could have combined resources of about 10m tonnes.

John Kearney, chairman, said: "We remain very positive about the prospects for the company as a result of the latest QME studies. It should be emphasised that this optimisation work will have to be supported by an updated scoping study or pre-feasibility study. If eventually supported, then the size and life of the Parys Mountain mine would be company changing.

"We do recognise that much remains to be done and that additional funds, and possibly industry partners, will be required to enable the project to reach its true potential, but the possibilities are there."