LONDON (ShareCast) - (Sharecast News) - Anglesey Mining said in an update on Friday that it is stepping back from management of the Grängesberg iron ore project in Sweden after failing to agree revised terms on around $9m of senior debt owed by project company Grängesberg Iron AB (GIAB).
Eurmag AB, which holds the other 50.2% of GIAB, terminated the shareholder agreement in 2024 and woud now assume management control, though Anglesey will retain its 49.8% stake.

The AIM-traded company said it had also started exploring a sale of its 11.9% interest in Labrador Iron Mines Holdings to support its financial position and focus resources on its wholly-owned Parys Mountain base and precious metals project in North Wales.

At Parys Mountain, Anglesey said it was pursuing both mine development and a potential pumped hydro energy storage scheme in partnership with RheEnergise.

A conceptual study published in April showed a positive business case for deploying RheEnergise's high-density hydro technology at the site, and a letter of intent signed in July set out steps to advance the project, including securing third-party funding.

Anglesey said its ability to progress activities remained dependent on raising additional funds.

It said it had been managing cash through measures such as equity settlements with suppliers and the waiver of non-executive director fees, but continues to explore fundraising options.

At 1504 BST, shares in Anglesey Mining were down 22.58% at 0.6p.

Reporting by Josh White for Sharecast.com.

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