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's Chinese joint venture posts $6 million net earnings
London Mining (AIM: LOND) said its full year loss narrowed to US$28.6
million in 2009 from US$36.8 million in 2008, helped by the first net
earnings of US$6 million booked from its Chinese joint venture China
Global Mining Resources
(CGMR), which has produced 136,500 tonnes of
iron ore attributable to the company since the US$44.5 million
acquisition last April.
The JV acquired Maanshan Xiaonanshan
Mining Co Ltd and Nanjing Sudan Mining Co Ltd which own an iron ore mine
and concentrator plant located in the Anhui and Jiangsu Provinces.
London Mining paid US$39.25 million for the stake in CGMR and made a
US$5.75 million loan to JV partner Wits Basin.
Other highlights
of the period included the receipt of a 25 year mining lease for
Marampa, Sierra Leone, confirmation of JORC-compliant resources at Wadi
Sawawin, Saudi Arabia, and Isua, Greenland. The period also saw the
completion of the feasibility study for Wadi Sawawin and the group’s
listing on the AIM market of the London Stock Exchange as well as a
placing of 37 million shares to raise £70 million and attract 30 new
institutional investors.
The group had cash of US$205 million at
31 December 2009.
London Mining expects to deliver first
production at Marampa in early 2011, targeting 1.5 Mtpa (million tonnes
per annum) from the initial phase of the project with further expansion
planned.
Post-period, the group has reported a JORC compliant
resource for Marampa tailings, where it commenced construction after
receiving final approvals, completed a pre-feasibility study and upped
the JORC compliant resources to 951 Mt (million tonnes) at Isua, and it
initiated discussions with potential providers of funding and offtake at
Wadi Sawawin.
“London Mining is now focused on continued
delivery against key milestones in 2010. We have a portfolio of quality
iron ore projects which are scalable, involve simple logistics and can
be developed rapidly...we are progressing drilling and development work
following the delivery of a bankable feasibility study at Wadi Sawawin
and a prefeasibility study at Isua,” said chief executive of London
Mining Graeme Hossie.
London Mining’s total JORC compliant
resource stands at 301 Mt grading 38% Fe (iron) in the measured
category, 913 Mt grading 36% Fe in the indicated category for a total
1,214 Mt grading 37% Fe.
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 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
