firmenpresse print | London Mining - Second quarter 2009 results

27.08.2009	London Mining - Second quarter 2009 results
London Mining today announces a quarterly update for the period ending 30 June 2009. Highlights * First attributable production from China Global Mining Resources ("CGMR") JV post acquisition, with cash costs lower than expected (less than USD 40 per tonne) * Company settles long running dispute with African Minerals and Government of Sierra Leone (GoSL). Clears way for fast track development of 1.5mtpa iron concentrate from the Marampa mine * Company plans admission to London Alternative Investment Market ("AIM") by end of 2009 * JORC compliant resource and bankable feasibility study expected for Wadi Sawawin Project in Q4 2009 * Updated JORC resource expected for Isua in Q4 2009 The first attributable production from the China JV contributes positive operating cash flow to the Group in the quarter. Cash costs for the operations were lower than originally envisaged but are expected to increase in the second half of the year due to implementation of initial safety improvements and resource development work, although these should be partially offset by operating efficiencies. CGMR has an immediate expansion opportunity through entering into a non-binding MoU to acquire a neighboring mine with additional resources and existing production capacity of 300,000 tonnes of iron ore concentrate. London Mining is also in discussions with Chinese partners regarding potential investment and offtake for its other projects. On 20 August, a resolution was achieved on the dispute with Government of Sierra Leone and African Minerals on the Marampa Project. The settlement was facilitated by the Government of Sierra Leone (GOSL), who have agreed to grant London Mining with a reconfigured mining licence and paves the way for large scale production of iron ore in the region. The company expects to embark on a fast-track development of the first phase 1.5mtpa mine on formal confirmation of the mining lease agreement and financial incentives which are expected in October 2009. On 13 July, London Mining announced its intention to seek an admission of its shares to trading on the Alternative Investment Market of the London Stock Exchange ("AIM"). The admission, scheduled for the fourth quarter of 2009, will be the start of a process for the Company to establish itself in London benefiting from the presence of established mining sector research coverage and improved access to global investors. Work continues on the Group's other iron ore projects: Wadi Sawawin (Saudi Arabia) and Isua (Greenland). A JORC standard resource and bankable feasibility study are expected for Wadi Sawawin by the end of the year. At Isua, a 3600m drilling campaign is nearing completion and will result in an updated JORC resource by the end of 2009 and delivery of a pre-feasibility study early in 2010. London Mining continues to review its coal investments in South Africa and Colombia. Ongoing due diligence continues on ICC in Colombia regarding the acquisition of 100% of ICC and funding of an option to purchase a stake in a company with operating income and a transport solution to support development of ICC's coal properties. In South Africa the company expects the results of a feasibility study for the Rietkuil project imminently. During the second quarter London Mining also strengthened its technical team through key hires. It now has a highly experienced management team fully in place to deliver on the company's growth strategy. Colin Knight, Chairman of London Mining said: "I am extremely pleased to announce more significant milestones in achieving London Mining's ambitious growth strategy. We have excellent asset potential and a highly experienced management team fully in place and I remain very optimistic about London Mining's future prospects in 2009." Please see the full report and presentation for the second quarter 2009 enclosed (or click on the links below if this release is received by e-mail.) For more information, please contact: Investors London Mining Plc Graeme Hossie, Managing Director +44 (0) 20 7201 5000 Rachel Rhodes, Financial Director Thomas Credland, Head of Investor Relations Media Crux Kommunikasjon (Norway) Charlotte Knudsen +47 97 56 19 59 Threadneedle Communication (UK) Laurence Read +44 (0) 20 76539850 About London Mining Founded in April 2005, London Mining is incorporated and registered in the UK. In 2007, London Mining raised over USD 185 million to advance iron ore production from its projects, and listed on the Oslo Axess, a marketplace regulated by the Oslo Stock Exchange. In 2008, it sold its Brazilian mine to Arcelor Mittal for USD810m and returned GBP220m to shareholders. The Company currently has iron ore projects and mines in China, Sierra Leone, Saudi Arabia and Greenland, and coal assets in South Africa and Colombia. London Mining trades under the Reuters symbol LOND.OL and Bloomberg symbol LOND:NO. http://hugin.info/137683/R/1337454/318689.pdf http://hugin.info/137683/R/1337454/318696.pdf http://hugin.info/137683/R/1337454/318699.pdf This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Company: London Mining Plc contact information: Town: London
this press release was submitted by firmenpresse The URL for this press release is: /5148/london-mining-second-quarter-2009-results.html Die PresseMitteilung stellt eine Meinungs�u�erung des Erfassers dar. Der Erfasser hat versichert, dass die eingestellte PresseMitteilung der Wahrheit entspricht, dass sie frei von Rechten Dritter ist und zur Ver�ffentlichung bereitsteht. firmenpresse.de macht sich die Inhalte der PresseMitteilungen nicht zu eigen. Die Haftung f�r eventuelle Folgen (z.B. Abmahnungen, Schadenersatzforderungen etc.) �bernimmt der Eintrager und nicht firmenpresse.de