| Announcement Date: | 2022-07-19 |
|---|---|
| Announcement Type: | Pre-Feasibility Study |
| Announcement Code: | (no Code) |
| Company name: | Anglesey Mining Plc |
| Project name: | Grangesberg |
| Location: | Sweden |
| Commodities: | Iron |
| Highlight: | PFS results incl. post-tax NPV (8%) of US$688M & IRR of 26% |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Anglesey Mining plc (AIM:AYM) is pleased to announce the results from the recently completed Pre-Feasibility Study (”PFS”) Update for the Grängesberg Iron Ore Project in Sweden, which has been compiled by leading mining consultant, Micon International Limited. Anglesey holds an almost 20% interest in the Grängesberg project, together with management rights and a right of first refusal to increase its interest to 70%. Micon concluded that the Grängesberg Project demonstrates an economically viable project using the stated price assumptions, cost estimates and technical parameters generated by the PFS, with the sensitivity analysis indicating positive returns can be achieved even with a 30% fall in the assumed underlying iron ore price of US$120/t. Commodity prices are currently experiencing significant volatility due to uncertainty regarding recession fears, ongoing conflict between Russia/Ukraine and Covid related shutdowns in China, the world’s largest buyer of iron ore. The iron ore price at the date of the report was US$130/t (62% Fe benchmark, CFR China). Based on the positive outcome of the Pre-Feasibility Study Update, Anglesey will now look advance the project towards production by starting the work on a Feasibility Study, including completing recommended drilling to obtain samples for both geotechnical and metallurgical testwork, and to update the resource and reserve estimates to refine the metallurgical domains within the orebody. |
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