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 enters iron ore JV in Chile
London Mining (LON:LOND) said it has entered into a joint venture
with am unspecified Chinese and Chilean based partner to take advantage
of several iron ore opportunities in the Atacama region of northern
Chile.
The UK based developer of mines to supply the steel
industry said the joint venture company, Atacama Mining Resources Corp,
through its Chilean subsidiary, holds options over concessions to iron
ore deposits in the Atacama. Under the agreement, London Mining has
subscribed for 50 percent of the JV shares of Atacama.
London
Mining has also agreed to make additional loans of in aggregate
US$5million to the Chilean subsidiary of Atacama to fund acquisitions of
a number of concessions in the area and to get exclusive rights from
the JV partners on future iron ore prospects in Chile.
The loans
will be repaid to London Mining from the earlier of first sales of ore
made by the joint venture or third party funding into the joint venture.
The subscription by London Mining in the Atacama JV is in consideration
for the waiver by London Mining of previously advanced convertible loans
in the aggregate amount of US$5 million.
The Atacama projects
are located within a short distance from a number of potential port
opportunities and logistics arrangements for export to China are being
investigated.
London Mining chief executive Graeme Hossie said:
"We are very excited to have concluded these arrangements which bring a
strong pipeline of future development potential to the group. We are
currently undertaking resource definition activities and investigating
the potential to obtain early production with very low investment by
Atacama. We look forward to releasing updates on this activity later
this year."
London Mining is focused on identifying, developing
and operating scaleable mines to become a mid-tier supplier to the
global steel industry. London Mining is developing four iron ore mines,
Marampa in Sierra Leone, Wadi Sawawin in Saudi Arabia, Isua in Greenland
and one in China through a 50 percent stake in a JV, as well as a
coking coal operation in Colombia. All London Mining's assets have
deliverable production with potential for expansion.
Other London Mining news
- 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
