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.
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London Mining reports first post-acquisition production from China JV
Iron ore and coal miner London Mining Plc (Oslo Stock Exchange: LOND) released its quarterly results today, reporting wider operating losses and first revenues from operations, as well as giving updates on its projects in China and Sierra Leone.
The group’s net loss for the second quarter increased to US$12.6 million, up from US$5.75 million a year ago, while losses for the first half were at to US$16.6 million compared to US$13 million last year. Revenues for the second quarter amounted to almost US$3 million.
The company reported first attributable production from its China Global Mining Resources joint venture following the acquisition of two iron ore mining operations in China. Operational cash costs of less than US$40 per tonne were lower than expected in H1, London Mining expects them to increase in the second half with implementation of safety improvements and resource development work.
"I am extremely pleased to announce more significant milestones in achieving London Mining's ambitious growth strategy. We have excellent asset potential and a highly experienced management team fully in place and I remain very optimistic about London Mining's future prospects in 2009,” said Chairman Colin Knight.
The company recently settled a dispute with African Minerals over the Marampa area after the government of Sierra Leone acknowledged the new boundaries and reconfigured exploration and mining licenses for the two companies. London Mining said it expected to commence a fast-track development of the first phase of the 1.5 mtpa (million tonnes per annum) iron ore mine at Marampa on formal confirmation of the mining lease agreement and financial incentives, which are expected to come in October.
London mining reiterated its goal to establish a listing on the Alternative Investment Market of the London Stock Exchange by the end of the year.
Other London Mining 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
