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UK Anglesey Mining eyes controlling stake in Sweden's Grangesberg Iron

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UK Anglesey Mining eyes controlling stake in Sweden's Grangesberg Iron

Anglesey Mining could acquire a controlling stake in Grangesberg Iron,which is developing the ore deposit of the same name in central Sweden, aftertaking a 6% stake, the company said in a filing Thursday.

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London-listed Anglesey bought the small stake for $145,000 and hasnegotiated a "12 month evaluation option to acquire 51% of the enlarged sharecapital," the company said.

With the help of Anglesey, and its initial investment, Grangesberg hasjust completed a financial and capital restructuring.

During the term of its option to buy a controlling stake, Anglesey hasmanagement and "operatorship" of Grangesberg and will choose three out of thecompany's five directors, including chairman of the board.

If it takes up its option, Anglesey will own 57% of Grangesberg, withprivate Swedish enterprise Roslagen Resources holding the 43% balance.

Anglesey also owns a stake in Labrador Iron Mines, which mines directshipping ore from the Schefferville area of Canada and ships it to China.

--Colin Richardson,

--Edited by Jonathan Dart,

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