Parys mining:
FIRM FAST -TRACKS PLANS TO REOPEN PARYS MOUNTAIN
THE multi-million pound value of an Anglesey copper mine’s hidden deposits has been revealed.
Mining could start at Parys Mountain by 2020, claims a developer – after more than a century of lying dormant.
In July, a scoping study on the mine near Amlwch – once the biggest copper producer on the planet – revealed there are deposits of copper, lead, zinc, gold and silver worth up to $270m (around £210m).
But, since then, the value of the metals has soared, with copper and zinc prices up around 20%, and now sitting at their highest levels for a number of years.
This has seen Anglesey Mining fast-track their plans.
It means a planned scoping study will now become a definitive feasibility study, while an Environmental Impact Assessment will also start, and discussions will begin with investment funds and banks.
The company believes it would be possible for project construction to start next year and production to get under way for the first half of 2020.
A company spokesman said: “It is planned to immediately commence all of these steps with the hope that a definitive feasibility study, including an environmental impact assessment, can be completed in the first half of 2018 so that meaningful project financing discussions can take place immediately thereafter.
“It is the intention of the company to bring in new personnel into key positions to drive these matters forward and move the project and the company to a successful long-term future.
“The company has adequate funds to initiate these steps and continue its normal corporate and limited site operations but will need to raise some additional funding to complete these development targets.
“This will not likely involve significant dilution for current shareholders.
“Providing this timetable can be met, and discussions on project financing are well advanced by the middle of next year, it would be possible for project construction to commence before the end of 2018, with initial production targeted for the first half of 2020.”
But there have been many false dawns, with several previous attempts to re-start production failing to materialise.
Anglesey Mining’s multi-million pound deal to re-start work at Parys Mountain after 100 years collapsed in 2009 when the economic crisis sent metal prices tumbling.