Anglesey Mining plunges on uncertain outlook

27th Nov 2015 15:49

(ShareCast News) - Shares in Anglesey Mining plunged over 17% on Friday, after the miner warned its medium-term outlook remained unclear.In the six months to the end of September, the group said its pre-tax loss narrowed from £878,908 to £135,949 as an impairment of approximately £700,000 the company had booked in the corresponding period in 2014 did not recur.The London-listed company added it expects the demand-to-supply balance to be restored and commodity prices will need to return to a level which ensures production at "reasonable profit" is sustainable."While the current situation is dark and indeed the future is uncertain, Anglesey remains positive that a recovery will occur within a sensible time frame," said group chairman John Kearney."We will maintain our assets in good standing to permit us take the fullest advantage of the inevitable."Anglesey shares were down 17.11% to 1.24p at 1548 GMT on Friday.