Proactiveinvestors recommends

Additional Information

Market:	AIM
Sector:	General Mining
EPIC:	LOND
Latest Price:	297.50 (1.10% )
52-week High:	436.50
52-week Low:	257.50
Market Cap:	372.77M

1 year chart

1 day chart

London Mining Full London Mining profile here

London Mining Plc is a UK-based company that is developing mines for the steel industry. It has 100% of the Marampa hematite iron ore mine in Sierra Leone, 100% of the Isua magnetite iron ore project in Greenland, a 50% stake in on the Wadi Sawawin joint venture in Saudi Arabia, a 50% stake in the China Global Mining Resources joint venture and a 100% stake of an coking coal development project in Colombia. The Company listed on the Oslo Stock Exchange on 9th October 2007 and on London AIM on 6 November 2009.

London Mining says 2009 losses narrow to US$28.6m as China JV earns US$6m

Thursday, March 18, 2010

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.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.