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Western Metals Buys Anglesey Copper Mine
Western Metals Limited, a Perth based uranium mining company has bought a copper and zinc mine on the island of Anglesey in North Wales, UK. The Australian company has offered to pay in the region of £13.65 million ( AUD$ 29.5 million) to Anglesey Mining PLC, the current owners of the Paris Mountain mine outside the town of Amlwch. Parys Mountain a long and distinguished history going back to the Bronze Age, and it is believed the Romans started its mining operations here during their occupation from AD 43. Western metals will first carry out a number of cheques, what they call " due diligence" up to a period of 120 days. If and when the company is satisfied that the project is feasible, they will formally sign the deal. Over recent years, Anglesey Mining has carried out various assessments across the Parys Mine development area, and it has discovered very large concentrations of copper, zinc and lead and smaller quantities of silver and gold. With global commodity prices likely to remain high that the foreseeable future, due to the high demand from emerging countries like China, clearly Western Metals can see the potential of this development. No doubt this Anglesey project will help the company achieve its long-term ambition of being a global player in the base metals mining industry. Western Metals already has significant uranium mining interests at Mtonya in south western Tanzania, as well as joint ventures in Lukkacha, Peru, Glade in Colorado (USA) and Queensland, Australia. Read more about Parys Mountain and future mining developments on the island by getting the free newsletter from Anglesey Today.
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Contributor's Note
This article is based on local observations, comments on my website, statements by Western Metals and reports in the local and interantional media.
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This intel was contributed by Anglesey
Anglesey
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May, 2012
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