Bluebird Merchant Ventures – joint venture partner ‘declines to approve’ but this looks a blessing in disguise...
Not content with leaving burying bad news on polling day to the likes of Purplebricks (PURP) or Versarien (VRS), this morning – election results day – AIM-listed Anglesey Mining (AYM) joined the fray with its Interims to September. They are truly horrid.
Back in late January as its shares were ramped to 3p on the back of preposterous speculation about the Parys Mountain deposit in North Wales I warned you that Anglesey Mining (AYM) was almost bankrupt and that it was placing ahoy. Today came the placing and an accompanying porky.
Well here’s a blast from the past! I used to hold a few shares in AIM-listed Anglesey Mining (AYM) some years ago. What caught my eye was the 18% share price drop on no news – the last we heard being its interims to September 2017, released back on 30 November 2017 when we were told us that now is the opportune moment to move forward with the development of the Parys Mountain base metal project. Blimey - after all these years! But what with?
Iron prices may be testing five-year lows and mining companies the world over may be agonising over how to continue with major iron ore projects. But Bill Hooley, chief executive of out-of-favour fully listed Anglesey Mining (AYM), argues the company has got the timing its opportunist foray into Swedish iron ore just right, as the fully-listed company digests the latest formal resource estimate for the country’s historic Grangesberg mine.
Commissioned researcher Edison has today published an upbeat note on fully listed Anglesey Mining (AYM). It argues that in uncertain times the company is well placed to deliver returns for shareholders.
I recommended shares in fully-listed Anglesey Mining (AYM) on t1ps.com, the site I founded in 2000 and edited until leaving this September to set up the Nifty Fifty. That share tip was at 11.75p in October 2009. They subsequently raced ahead and I am kicking myself for, particularly in 2011, not banking a very significant profit. Today the shares trade down at just over 7p as the company’s current key value driver, Canada-listed Labrador Iron Mines in which Anglesey holds 19.73% of the shares, has been heavily impacted by very significant late Summer falls in the price of iron ore.
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