Anaconda Mining Poised to Profit from Aggregate Side Business

The latest issue of Canadian Mining Journal includes an article on Anaconda Mining Inc. (TSX:ANX), a gold-focused company whose main assets are the producing Point Rousse project and the Viking exploration/development project. Both are located in Newfoundland.

The article emphasizes the success Anaconda has seen so far at Point Rousse, and also highlights the aggregate operation it has set up at the mine’s port facility. It states:

Anaconda is working with Shore Line Aggregates (a subsidiary of its contract miner, Guy J. Bailey Ltd.) and Phoenix Bulk Carriers to supply 3.5 million tonnes of gravel to a construction project on the eastern seaboard of the United States. The final environmental and construction permits for the port were received last December.

Point Rousse is located in the Baie Verte Harbour, one of the deepest harbours in Atlantic Canada. The depth makes the site suitable for loading ships up to 199 metres long and carrying 60,000 tonnes per trip. So far Anaconda has shipped about 1 million tonnes of aggregates.

The aggregate contract will add approximately $2 million to Anaconda’s treasury by the end of the year, and that is without having to commit capital the project.

Click here to read the full Canadian Mining Journal article.

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