This week: Lifting the lid on LiDCO, why Rockhopper could be rolling out the barrels, and a roofing company that’s going through the ceiling
Anglesey Mining (AYM 13.00p / £19.87m)
Anglesey Mining has reported that a licence exchange deal has been agreed between its TSX- listed and 50%-owned Labrador Iron Mines (LIM) operation and New Millennium Capital Corp (NML). The two sides have agreed to swap some of their respective mineral licences in Labrador province, Canada, in order to eliminate the fragmentation of the ownership of some of the mining rights in the Schefferville area. It will enable both parties to separately mine and optimise their respective direct shipping ore (DSO) deposits as efficiently as possible. The agreement represents the exchange by each party of equal quantities of approximately 13 million tons of iron ore. Both sides have agreed to work collaboratively to facilitate their respective extraction, processing and transportation activities by enabling each other to apply for all required surface rights.
In relation to the transport both sides separately agreed a Rail Co-operation Agreement to reconstruct a rail spur line which will run from the main rail line near Schefferville approximately 2.5 miles to LIM's planned processing centre on a further approximately 13 miles to NML's planned processing centre. Anglesey has done well in recent months to eliminate the discount its shares were trading at to the value of its stake in LIM (its 50 per cent is worth approximately £20m) but in addition Anglesey owns the Parys Mountain copper, lead and zinc property in North Wales, which is currently in care and maintenance. Your intrepid reporter visited this site some years ago and believes that if the recent recovery in base metal prices is sustained the group would be able to unlock the value of the Parys Mountain project. Now that would be an interesting angle.
Boomerang (BOOM 92p / £8.20m)
The Welsh television production company has announced its results for the year to 31 May. Revenue fell by 5.6 per cent, due largely to a delay in decision-making by broadcasters. But, at the analysts? briefing, finance director Mark Fenwick said that, of the £2m-£2.5m shortfall from management?s earlier expectations only £0.4m has been completely cancelled, with the remainder to be recouped in the current financial year and thereafter. Boomerang has traditionally focused on providing production and television services, including…
