Profits Surge For Anglesey Mining

by Peter
(Anglesey)

Against a backdrop of higher world commodity prices, including some of the base metals, Anglesey Mining plc has reported a 50% increase in pre-tax profits to 10.14 million pounds sterling for the year to 31 March 2008.

While the company is currently negotiating sale of the Parys Mountain site, near Amlwch, to Perth-based Australian uranium miner Western Metals Limited, it cites the recent succesful flotation of its Labrador Iron Ore project in Canada as the main source of this financial performance.

Total assets at the 31 March were 25.36 m pounds sterling (14.01 m; 31 March 2007).

Anglesey Mining says it is well placed to benefit from a strong iron ore market going forward and it will seek other appropriate opportunities as they arise.

Though lead and zinc prices have fallen from their peak, copper prices are still strong.

Continued demand from developing economies such as China and India are likely to keep prices for copper and iron ore strong for the forseeable future.

Just look at the recent almost doubling in the price of iron ore over the last 12 months, following negotiations with iron ore producers in Australia, such as BHP Billiton.

And a recent seminar by Rio Tinto projected that demand for iron ore, copper and aluminium would roughly double over the next decade or so.

This is mainly due to the expected continued expansion in urban infrastructure and development in China, India and other emerging economies.

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