Angus & Ross moves towards mining goal
A FEASIBILITY study has confirmed the commercial viability of mining exploration company Angus & Ross mining for zinc and lead at the Black Angel Mine in Greenland.
Following the study, a mining licence is expected to be granted for the mine by the end of April and Kirkbymoorside-based Angus & Ross expects to start production at the site before the end of the year.
Robin Andrews, chairman of Angus & Ross, today said: “The completion of the BFS (Bankable Feasibility Study) and the submission of the application for the Black Angel mining licence is a major step forward for Angus & Ross.
“The BFS shows that the first phase of the Black Angel mine project is profitable at today's metal prices.”
Angus & Ross, which also has operations in Brazil and Australia, said last year that it was to expand its exploration at Black Angel after carrying out positive drilling projects at the mine, which has been closed since 1990 but has large amounts of zinc and lead waiting to be extracted over a large geographical area.
Zinc and lead extracted from the mine is expected to sell for an average of $2,500 a tonne and around 200,000 tonnes of ore a year is expected to be produced.
Angus & Ross said that following the study, by Wardell Armstrong International, the Yorkshire company was recruiting an experienced mining team and selecting the plant and equipment needed to refurbish the mine and commence production.
An application is also being made to recommence repair work on a cable car at the mine.
Mr Andrews added: “Having access to the mine via the cable car will allow several alternative mining plans to be considered for the second phase of the project as well as facilitating further exploration from within the mine.”
Meanwhile, Frank Chapman has joined the board of Angus & Ross as a non-executive director.
The 57-year-old is chief executive and a major shareholder of AIM-listed financial services company London Capital Group Holdings.
Mr Chapman has worked on the floor of the London Metal Exchange and has been involved in metal trading and the derivative markets for most of his career, holding directorships at Baring Securities, Morgan Grenfell and Amerex Petroleum amongst others.
Richard Burt and Malcolm Swallow are retiring from the board but will continue to support the company as technical consultants.
Christopher Innis, a director of Mining Communications, the publisher of Mining Journal. joined the board of Angus & Ross as a non-executive director last November.
