London Mining is a UK-based company that
is focused on identifying, developing and operating scaleable mines to become a
mid-tier supplier to the global steel industry. The Company was founded in 2005
and is headquartered in London. The Group’s principal assets have actual or
anticipated production and the ability for further expansion through either
upgrading resources or acquisition.
The Group currently has four principal
projects in iron ore, which it is either developing or operating on its own or
through joint ventures. The Company is currently undertaking resource
definition programmes to ensure that all of these principal projects will have
JORC standard resources in accordance with the timeframes set out below. The
Directors believe that the total iron ore concentrate production capacity of the
Group’s four principal projects (on a 100% basis) has the potential to rise
from 0.4Mtpa in 2009 to 14Mtpa in 2014 and to in excess of 20Mtpa in 2018. The
Company also has a number of investments in other iron ore and coal development
opportunities.
The strategy of London Mining is to
focus its activities on deliverable iron ore projects, where the key features
are scaleable production, financing opportunities and a clear route to market.
The ability to accelerate projects through to efficient producing mines,
utilising its experienced technical and operating team, is an important part of
the Company’s strategy.
In August 2008, the Company sold its
Brazilian operations for a total consideration of USD810 million. USD68 million
of the proceeds of the sale were used to redeem bonds issued by the Company to
finance the acquisition of the Brazilian operations and a further GBP219
million was returned to shareholders. The balance after costs was retained by
the Company for re-investment. As at 30 September 2009, the Company had
consolidated Group cash of USD230 million (unaudited), which it has principally
allocated for the development of its existing projects.
London Mining Plc is developing mines to supply the global steel industry. The Company has iron ore exploration and development projects located in Sierra Leone, Saudi Arabia, Greenland, China and Chile, and a coking coal project in Colombia read more...
London Mining PLC (LOND.L)
London Mining Plc is developing mines to supply the global steel industry. The Company has iron ore exploration and development projects located in Sierra Leone, Saudi Arabia, Greenland, China and Chile, and a coking coal project in Colombia read more...