Anglesey Mining puts its faith in the Copper Kingdom
A London-listed mining company is looking to reopen a Welsh mine that dates back to the Bronze Age but which could still contain substantial amounts of copper, zinc and gold.
Anglesey Mining has submitted an environmental impact assessment for a mine on Parys Mountain as it seeks to build shafts stretching more than 2,000ft underground.
The mine, in the north of the island near Amlwch, could become Britain’s only domestic source of the copper required to build electric vehicles and other technologies powering a shift to renewable energy.
The price of gold has hit a new record amid signs that the US Federal Reserve will cut interest rates at its next meeting. Bullion rose above $2,500 an ounce for the first time as traders bet that a slowdown in the construction of residential buildings would prompt the central bank to reduce rates.
The Aim-quoted Anglesey Mining’s shares rose by 6 per cent to almost 1p on the back of the announcement. Rob Marsden, 51, its chief executive, said the company had reached a “very significant milestone” with the submission of the impact assessment. It will be assessed by the North Wales Minerals and Waste Planning Service to determine whether the company can build infrastructure at the site.
“The assessment of the environmental and social impacts of mining of copper, zinc, lead, silver and gold from Parys Mountain, in addition to the economic feasibility, will play a major part in the permitting processes required to progress the project through investment and financing to mineral production,” Marsden said. “It is worth reminding investors that Parys Mountain is demonstrably the largest and most advanced copper/zinc/lead/silver/gold project in the UK, with a substantial resource upside.”
Parys Mountain was first mined during the Bronze Age by people looking for metals to make weapons and other items from deposits near the mountain’s surface. A mass of copper ore discovered in the late 1760’s prompted large-scale mining, with yields so great that Amlwch came to dominate the world copper market for a decade, earning the port town the nickname of the “Copper Kingdom”. The site is now a popular walking destination and is home to wildlife including skylarks and meadow pipits. Plants in the area have become specially adapted to tolerate high concentrations of copper and zinc.
Anglesey Mining said it was “committed to close collaboration” with the local community to preserve surrounding heritage spots, historic monuments and sites of scientific interest.
