LONDON MINING - RESULTS FOR THE PERIOD ENDED 31 MARCH 2010
(Thomson Reuters ONE) -
Operational Highlights (including post-period)
Marampa
* Total Inferred Resource for primary orebody increased by over 300% to 392Mt
(at) 31% Fe
* Total Indicated Resource for tailings orebody estimated as 42Mt (at) 21% Fe
* Phase 1 on track for first shipment in Q2 2011 with ability to expand to
3Mtpa within 12 months
* Initial test work for primary orebody confirms suitability for blast furnace
pellet feed
* Mining licence agreement ratified by Sierra Leone parliament
Wadi Sawawin
* Resource upgrade allows planning to extend mine life to over 20 years
Isua
* Resource increased to 951Mt (at) 36% Fe in an optimised pit shell
* PFS completed on 5Mtpa operation, revised study commenced on 10Mtpa
operation
China
* Concentrate production of 75,817t (on 100% basis)
* Funding discussions on consolidation of expanded licence continuing
Corporate
* Cash position at the end of 31 March was USD 191m
* Acquisition of remaining 80% International Coal Company in Colombia, with
first coke production expected in 2011
* Exploration programme underway at Chile iron ore project
* Offer agreed with Sable Mining for the disposal of London Mining shares in
DMC
Commenting on the results, Chief Executive Officer Graeme Hossie said:
"We are very pleased to report the upgrade to the resource base at Marampa to
over 400Mt. This significant resource combined with initial metallurgical
testwork underpins our confidence in an operation producing 8Mtpa of high
quality iron ore concentrate. We now have a detailed low capex logistics plan in
place which will support all our future production plans. We are on track at
Marampa to begin export of 1.5Mtpa from Q2 2011 and expand quickly to 3Mtpa. We
have also made significant progress at our other operated iron ore and coal
projects."
Please find the full operations and financial review, as well as the company's
presentation of the period enclosed.
For more information, please contact:
London Mining Plc
Graeme Hossie, Chief Executive Officer +44 20 7201 5000
Rachel Rhodes, Finance Director
Thomas Credland, Head of Investor Relations
Liberum Capital (Nominated Advisor/Broker)
Clayton Bush/Ellen Francis +44 20 3100 2000
Crux Kommunikasjon AS
Charlotte Knudsen +47 97 56 1959
Brunswick Group
Carole Cable / Daniel Thöle +44 20 7404 5959
The Company's website can be found at www.londonmining.co.uk
About London Mining
London Mining is focused on identifying, developing and operating scaleable
mines to become a mid-tier supplier to the global steel industry. Its four
principal assets in Sierra Leone, Saudi Arabia, Greenland and China all have
deliverable production with potential for expansion. The Company listed on the
Oslo Axess on 9 October 2007 and on AIM in London on 6 November 2009. It trades
under the symbols LOND.L and LOND.NO (Reuters) and LOND LN and LOND NO
(Bloomberg).
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1417418]
First quarter 2010 report: http://hugin.info/137683/R/1417418/367871.pdf
First quarter 2010 presentation: http://hugin.info/137683/R/1417418/367872.pdf
Unternehmensinformation / Kurzprofil:
Datum: 20.05.2010 - 08:02 Uhr
Sprache: Deutsch
News-ID 21201
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
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