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 AIM listing scheduled for November 2009
London Mining (OSX:LOND, XETRA:L9K) said that, further to its statement on October 12 that it appointed a nominated advisor and joint brokers ahead the planned listing on the Alternative Investment Market, the listing is expected to take place in November 2009.
Earlier this week, the company appointed Liberium Capital Ltd as its nominated adviser and joint broker together with GMP Securities.
The company is currently listed on the Oslo Stock Exchange (OSX) and the German junior exchange XETRA in Frankfurt. It is seeking to benefit from research coverage of the mining sector in London and gain exposure to UK investors.
London Mining is not seeking to raise any new money upon admission, but some existing shareholders have indicated that they may be willing to place some shares with new investors in order to increase the free float and facilitate an appropriate level of liquidity in the London market. Management will be undertaking a roadshow with potential investors ahead of admission. The placing price is yet to be determined.
The company currently has iron ore projects and mines in Sierra Leone, Saudi Arabia, Greenland and China, and coal assets in South Africa and Colombia.
London Mining reported a cash position of US$230 million as of 30 September, which it said was sufficient to fund its Marampa project in Sierra Leone to production within 12 to 18 months, its Wadi Sawawin project through to bankable feasibility study due later this year, and the Isua project through to bankable feasibility study by the end of 2010 and upgrade all resource estimates to JORC standards within 9 months.
Marampa tailings and Wadi Sawawin are expected to get upgraded to JORC before the end of the year, while an upgrade of Marampa primary ore and China resources to JORC is expected within 9 months.
The development of the company's assets is expected to lead to an increase in ore concentrate production capacity to 14 million tonnes per annum (Mtpa) by 2014 and up to 20Mtpa in 2018 from the current 0.4Mtpa by achieving a production level of 1.5Mtpa in Sierra Leone by 2011 and in excess of 3Mtpa in 2013, 5Mtpa in 2013 to 10Mtpa in 2017 in Saudi Arabia, 5Mtpa in 2014 to 10Mtpa in 2018 in Greenland and increasing production in China to 1Mtpa in 2011 from the current 0.4Mtpa.
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 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
