London Mining
London Mining is incorporated and registered in the UK and is developing mines to supply the global steel industry. The Company has iron ore mining, exploration and development projects located in Saudi Arabia, Greenland, Sierra Leone, Mexico and coal projects in South Africa and Colombia. London Mining has off-take agreements in place with Chinese steel producers. The company is listed on the Oslo Stock Exchange.
Related news
- London Mining enters iron ore JV in Chile
2010-07-30 - Colombian Potential for Coking Coal Producers
2010-05-04 - London Mining's Chinese joint venture posts $6 million net earnings
2010-03-22 - London Mining AIM listing scheduled for November 2009
2009-10-16 - London Mining appoints adviser and joint stock broker to proceed with AIM listing, targets 20Mtpa production by 2018
2009-10-12 - London Mining wins key government endorsements for Sierra Leone project
2009-09-17 - London Mining heads for London town
2009-09-04 - London Mining reports first post-acquisition production from China JV
2009-08-28 - London Mining and African Minerals settle Marampa dispute
2009-08-21 - London Mining’s Chinese JV completes planned acquisitions
2009-03-26 - London Mining pushes ahead Wadi Sawawin Iron Ore Project in Saudi Arabia
2009-02-22
Company Statement
London Mining’s operation strategy:
LM is developing iron and coal mines to supply the global steel and engergy industries. The company is well funded for its near term production requirements having retained $300m after returning over £220m to shareholders in 2008 from proceeds of the disposal of its Brazilian operations. 2009 anticipates earnings commencing from projects in China and Colombia with substantial production and earnings increases from these and additional projects in 2010. With over 1.3 bn tonnes of iron ore and a growing coal porfolio, London Mining applies technical resources and capital to rapidly increase production from existing mines and bring new mines into production. LM is focussing on projects which have high margins resulting from proximity to customers, low input costs, high quality specification product, moving through the value chain through beneficiation/pelletising/coke production and/or other sustainable project advantages. The Group has offtake relationships in China and Saudi Arabia and is establishing a balanced portfolio of assets with cash flow being generated over time to support the group's development activities.
Key objectives include:
For Saudi London Iron 50% Joint Venture: Complete a Definitive Feasibility Study on a 5mtpa concentration and pelletising facility at the Wadi Sawawin project in Saudi Arabia, secure project funding through Saudi partners and commence construction for production target in 2012.
Complete feasibility studies on the Isua premium grade magnetite pellet feed project in Greenland and explore integration with Saudi London Iron joint venture to increase DR pellet production in Saudi Arabia using Isua pellet feed.
Begin construction and production of 3mtpa of iron ore at the Company's Marampa tailings operation in Sierra Leone.
Complete aquisition of operating iron ore assets in China and begin transformation of current mining operations to increase production, reduce cost and improve operating standards.
Continue growth of the London Mining's coal division. The Company has investments in South and Southern African coal assets which it will assess for bringing to early production. The Company is also assessing the acquisition of further coal interest and producing assets in Colombia.
Current Operations
Sierra Leone
The Marampa mine is located about 80km ENE of Freetown, the capital city of Sierra Leone, immediately adjacent to the township of Lunsar. The Marampa mine was initially mining the lateritic cap to the Masaboin and Gafal Hills as lump ore, but eventually switched to underlying softer specular hematitie schists as the hard laterite lump ore was exhausted.
London Mining is currently investigating the feasibility of restarting mining operations at Marampa. Before this can happen, the tailings deposit will need to be bulk sampled and processed by a pilot plant, as well as drilled on 50 metre centres. (Read More)
Greenland
The Isua project (sometimes referred to as the Isukasia project) is located approximately 140km northeast of Nuuk (the capital city of Greenland) and about 155km south of the Arctic Circle, at latitude 65O12’N and longitude 49O 47W. It is about one hour’s helicopter flying time from Nuuk and one and half hour’s helicopter flying time from Kangerlussuaq. (Read More)
Artillero Project - Mexico
The Artillero prospect is located 60km east of the port city Manzanillo (on the Pacific Coast), 5km northeast of the township Minatitlán, and 12km northeast of the operating Pena Colarado iron ore mine, in Colima State, Mexico.
The Artillero magnetite deposit is exposed at surface and a typical sample assayed 64.90% Fe, 1.44% SiO2, 0.88% Al2O3, 0.22% CaO, 0.27% MgO, 0.077% P and 0.015% S. Part of the deposit has been surveyed by a handheld magnetometer every 20 metres, in an East-West profile over 540 metres and a North-South profile over 100 metres. (Read More)
Wadi Sawawin - Saudi Arabia
On 25th January 2008, London Mining Plc announced that it is forming a new joint venture company, Saudi London Iron Ltd (‘SLI’), with Saudi-based National Mining Company (‘National Mining’), owned 50% each, to develop the Wadi Sawawin iron ore project near the west coast of Saudi Arabia. National Mining is the holder of certain rights to prospective iron ore producing properties in Saudi Arabia together referred to as the ‘Wadi Sawawin Licences’. (Read More)
Management
Dr Colin Knight – Non Executive Chairman
Graeme Hossie – Managing Director
Rachel Rhodes – Finance Director
Dr Hans Kristian Schønwandt – Non Executive Director
Sir Nicholas Bonsor – Non Executive Director
Malcolm Groat– Non Executive Director
For more information on London Mining's Directors click here
Major Shareholders
| Caspian Investments (B.V.I.) Limited | 28,063,354 | 25.6 % |
| Deutsche Bank AG London | 17,826,316 | 16.3 % |
| Benbrack Charkit Ltd | 12,375,000 | 11.3 % |
| Grandmaster Fortune | 8,885,940 | 8.1 % |
| CIBC World Markets Inc | 7,320,000 | 6.7 % |
| Shareholders with less than 0.4% | 6,753,301 | 6.2 % |
| Naturaliste Holdings Pty Ltd | 5,300,000 | 4.8 % |
| The Northern Trust C USL Exempt Account | 4,060,150 | 3.7 % |
| Pelos Strategy | 3,500,000 | 3.2 % |
| Caceis Bank | 3,117,000 | 2.8 % |
| Citigroup Global Mar Client Acount | 2,813,200 | 2.6 % |
| Fortis Bank Luxembourg SA | 2,772,500 | 2.5 % |
| Goldman Sachs Int. | 1,524,400 | 1.4 % |
| Nordea Bank Plc Finland Clients | 1,474,500 | 1.3 % |
| Fenlight Trustees | 1,098,600 | 1.0 % |
| DnB NOR Markets, Aks Meglerkonto innland | 800,000 | 0.7 % |
| DnB NOR Norge Selektv (III) | 707,434 | 0.6 % |
| The Northern Trust Co | 642,100 | 0.6 % |
| LBPB Nominees Limited | 500,000 | 0.5 % |
| Total | 109,533,795 | 100% |
Warrants
174p Warrants (expire 20/08/2010) 500,000
Options
174p Employee Options (expire 5-6 years after granting) 4,380,000
304p Employee Options (expire 5 years after granting) 500,000
344p Employee Options (expire 5 years after granting) 500,000
237p Employee Options (expire 10 years after granting) 900,000
Last updated 19 December 2008
Contact Information
Head Office:
London Mining Plc
39 Sloane Street
London
United Kingdom SW1X 9LP
Phone: +44 (0) 20 7201 5000
Fax: +44 (0) 20 7201 5050
Email: info@londonmining.co.uk
Sierra Leone Office:
London Mining Company Ltd
27 Old Railway Line
Wilberforce
Freetown, Sierra Leone
Email: mdosi@londonminingsl.com
Corporate Information
Norwegian Investor Relations
Charlotte Knudsen
Crux Kommunikasjon AS
Drammensveien 147B
0277 Oslo, Norway
Ph: +47 97 56 19 59
UK Investor Relations
Laurence Read
Threadneedle Communications
107-111 Fleet Street
London EC4A 2AB
Ph: +44 (0) 20 7936 9696
