Mining Company to Press on; ANGLESEY: Exploration for Metals to Continue despite Mounting Losses

Western Mail (Cardiff, Wales), August 21, 2002 | Go to article overview

Mining Company to Press on; ANGLESEY: Exploration for Metals to Continue despite Mounting Losses


Byline: JAMES PRITCHARD

ANGLESEY Mining has confirmed that it is to press ahead with plans to explore for new deposits at its most important site, despite continuing to report losses.

The company, which owns the Parys Mountain operation on Anglesey, along with the mothballed Dolaucothi gold and silver mine near Lampeter, said in its annual report that losses for the year of pounds 2.3m would not stop it from carrying on with its exploration programme.

That loss included a pounds 2.2m charge for the development of the Parys Mountain mine and came on top of a loss in the previous year of pounds 3.1m, with pounds 3m of that spent in development.

With so much money invested in developing the site, Anglesey Mining's management say they are confident that the company is well placed to benefit from an improvement in the world market for zinc and that work will continue at Parys Mountain.

Chairman John Kearney explained the strategy. ``The mineral industry has been adversely affected by the changes we have seen in the world during the past year and Anglesey Mining has been no exception,'' he said.

``As a result of the world economic slowdown, metal prices have become heavily depressed and investor interest in the minerals industry, particularly in the case of zinc, is at a very low ebb.

``Base metals prices fell more or less throughout the year. Zinc metal prices are at an all-time low in real terms and this has severely affected a number of companies and mines, with closures and cutbacks of zinc metal production.

``Despite the mine closures, inventories of zinc metal are still high and this will hold the price down in the short term. …

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