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LONDON - Anglesey Mining plc (AIM:AYM) announced Friday it is realigning its corporate strategy to concentrate on developing its Parys Mountain copper-zinc-lead-silver-gold deposit in North Wales.
The UK minerals development company reported that management control of Grängesberg Iron AB (GIAB), in which Anglesey holds a 49.8% stake, will revert to majority owner Eurmag AB after the termination of a shareholders’ agreement. Despite efforts to restructure approximately $9 million in senior debt at GIAB, suitable terms could not be reached, leading to the resignation of Anglesey’s nominated director from GIAB’s board.
Anglesey also disclosed it is actively seeking to sell its 11.9% holding in OTC-listed Labrador Iron Mines Holdings Limited to support its current financial position.
For its flagship Parys Mountain project, the company highlighted the January 2025 approval of its Environmental Impact Assessment Scoping Report by Anglesey County Council. The company is also pursuing a partnership with RheEnergise to explore pumped hydro energy storage at the site.
In April, Anglesey reported positive results from a conceptual study for a high-density fluid hydro-power energy storage project at Parys Mountain, followed by a letter of intent with RheEnergise in July to advance the initiative.
The company noted that its continued operations remain dependent on raising additional funds. Current financial measures include settling some supplier payments through equity issuance and non-executive directors waiving cash fees.
This information is based on a corporate update press release issued by Anglesey Mining.
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