Multi-mil­lion pound value of cop­per mine’s hid­den de­posits

Bangor Mail - - NEWS -

A STUDY on the po­ten­tial de­posits of an An­gle­sey cop­per mine has been re­leased.

The scoping study on Parys Moun­tain, near Aml­wch, claims there are de­posits of cop­per, lead, zinc, gold and sil­ver worth up to $270m (around £210m).

An­gle­sey Min­ing’s multi-mil­lion pound deal to re-start work at Parys Moun­tain near Aml­wch af­ter 100 years col­lapsed in 2009 when the eco­nomic cri­sis sent metal prices tum­bling.

Since then a min­eral re­source es­ti­mate con­firmed ad­di­tional finds of cop­per, zinc and lead and An­gle­sey Min­ing com­mis­sioned a full scoping re­port be­fore de­cid­ing what to do next.

Now that re­port pre­pared by Mi­con In­ter­na­tional Lim­ited (Mi­con) and Fair­port En­gi­neer­ing Ltd (Fair­port) has come back.

It has in­creased hopes that min­ing could one day re­turn to the site – once the world’s big­gest cop­per pro­ducer – but there have been pre­vi­ous false dawns.

The re­port en­vis­ages a min­ing rate of 1,000 tonnes per day over an ini­tial mine life of eight years.

The over­all net smelter re­turn (NSR) for the three con­cen­trates (zinc, cop­per, lead) and the sil­ver and gold pre­cious met­als con­tri­bu­tions, is ex­pected to to­tal more than $270 mil­lion at the fore­cast metal prices.

The pre-pro­duc­tion cap­i­tal cost of the pre­ferred op­tion base case is es­ti­mated at £40 mil­lion.

Op­er­at­ing costs were es­ti­mated at £36 per tonne of ore treated.

Bill Hoo­ley, An­gle­sey Min­ing chief ex­ec­u­tive, said: “We are very pleased with the re­sults of the Scoping Study which demon­strate a vi­able mine de­vel­op­ment at Parys Moun­tain and a healthy fi­nan­cial in­ter­nal rate of re­turn.

“This is the first de­tailed eco­nomic study of the Parys Moun­tain project for a num­ber of years and, based on the cur­rent avail­abil­ity of re­con­di­tioned process plant, the es­ti­mated pre-pro­duc­tion cap­i­tal cost for the project is at a level that could be fi­nance­able.”

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