Analyst Research Report Snapshot

Title:

ANGLESEY MINING - POTENTIAL FUTURE P/E OF C 1X

Price:

$10.00

Provider:

Edison Investment Research

Date:

01 Oct 2009

Pages:

12

Type:

AcrobatPDF

Companies referenced:

AYM.L

Available for Immediate Download
Summary:

Anglesey’s main asset is a 50% interest in Labrador Iron Mines Holdings, a Toronto-listed company with an opencast iron ore mine in Labrador, Canada, which is due to start production in Q210. Anglesey’s 50% interest in LIM (at LIM’s current share price of C$1.56) is worth 9.4p per Anglesey share, compared to Anglesey’s current price of 9.9p. Even so, assuming permits are received, production goes ahead as planned, and the iron ore fines price is at $62/t for 65%Fe, we estimate that LIM will have earnings of over C$44m for the year ending 31 March 2012. Anglesey’s 50% would be worth £12.3m (at £1 = C$1.79) less £0.5m annual expenses, for effective earnings of £11.8m, or 7.7p per share. FOR MORE INFORMATION ON THE ATTACHED RESEARCH PLEASE CALL 020 3077 5700, EMAIL RESEARCH@EDISONINVESTMENTRESEARCH.CO.UK OR VISIT WWW.EDISONINVESTMENTRESEARCH.CO.UK

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