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 JV completes planned acquisitions
London Mining PLC said its joint venture Wits Basin Precious Minerals Inc, called China Global Mining Resources (BVI) Ltd (CGMR), has completed the acquisition of two iron ore mining operations in the People’s Republic of China.
The planned acquisition of 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 was announced in mid-January 2009.
London Mining paid US$39.25 million for the stake in CGMR and made a US$5.75 million loan to Wits Basin.
CGMR has now taken operational control of the assets and plans immediately to commence an extensive programme to delineate further resources improve productivity and reduce costs, the group said in today’s statement.
London Mining managing director Graeme Hossie said: "Our first investment in China provides us with immediate operating cash flow and accelerates our existing production profile. China is the world's largest steel producer and iron ore consumer by a significant margin and provides an excellent environment to grow our initial production platform.”
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
