LONDON MINING - Q4 AND PRELIMINARY FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
(Thomson Reuters ONE) -
2009 Highlights
Projects
* 25 year mining lease for Marampa, Sierra Leone received
* JORC compliant resources at Wadi Sawawin, Saudi Arabia and Isua, Greenland
* Feasibility study completed for Wadi Sawawin
* Attributable production of 136,500t from Chinese joint venture since
acquisition
Financials
* USD 44.5 million Chinese joint venture acquisition (effective 23 April 2009)
* AIM listing and placing of 37 million existing shares at GBP 74 million with
over 30 new institutional investors
* Group consolidated cash of USD 205 million as at 31 December 2009
* Group loss from operations reduced to USD 28.6 million (2008: USD 36.8
million) reflecting first net earnings* from China of USD 6.0 million.
Appointments
* Senior technical team augmented
*Net earnings = EBITDA
2010 Highlights
Projects
* JORC compliant resources at Marampa (tailings)
* Final approvals received and construction commenced at Marampa
* Prefeasibility study completed for Isua
* 951Mt JORC resource at Isua
* Discussions initiated with potential providers of funding and offtake at
Wadi Sawawin
Financial
* Restructuring of equity investment in DMC, South African coal, completed
Appointments
* Deputy COO recruited
Resources
London Mining has now attained JORC compliance for all resources at its 3 assets
for which we are operators.
+--------------+-----------+------------+------------+----------+----------+
| Asset | Ownership | Measured | Indicated | Inferred | Total |
+--------------+-----+-----+------+-----+------+-----+------+---+---+------+
| | % | Mt | % Fe | Mt | % Fe | Mt | % Fe | Mt | % Fe |
+--------------+-----+-----+------+-----+------+-----+------+-------+------+
| Marampa | 100 | - | - | 30 | 23 | 3 | 22 | 33 | 23 |
+--------------+-----+-----+------+-----+------+-----+------+-------+------+
| Wadi Sawawin | 50 | - | - | 157 | 41 | 73 | 40 | 230 | 41 |
+--------------+-----+-----+------+-----+------+-----+------+-------+------+
| Isua | 100 | - | - | 114 | 37 | 837 | 36 | 951 | 36 |
+--------------+-----+-----+------+-----+------+-----+------+-------+------+
| Total | | | | 301 | 38 | 913 | 36 | 1,214 | 37 |
+--------------+-----+-----+------+-----+------+-----+------+-------+------+
London Mining is working closely with the operator of the Chinese joint venture
to deliver a JORC resource.
Graeme Hossie, Chief Executive Officer of London Mining commented:
"In 2009, we consolidated our assets and strengthened our technical and
executive teams with high calibre appointments. London Mining is now focussed 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 expect to deliver first production at the Marampa
project in Sierra Leone in the early part of 2011, with 1.5mtpa from the initial
phase of the project and expanding thereafter. We are progressing drilling and
development work following the delivery of a bankable feasibility study at Wadi
Sawawin and a prefeasibility study at Isua."
The full published accounts for the financial year ended 31 December 2009 will
be posted to shareholders on, or before 1 April 2010 and will be available on
the Company's website, www.londonmining.co.uk
An analyst presentation on the full year results will start at 9.00am UK time on
March 18 2010 at:
Liberum Capital Limited
City Point
10(th) Floor
One Rope Maker Street
London EC2Y 9HT
The full financial report and presentation is attached and can also be found at
www.londonmining.co.uk
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
Brunswick Group
Carole Cable/ Daniel Thöle +44 20 7404 5959
Crux Kommunikasjon AS
Charlotte Knudsen +47 97 56 19 59
Notes to editors:
London Mining is focused on identifying, developing and operating scalable mines
to become a mid-tier supplier to the global steel industry. Its four principal
iron ore 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).
Forward looking statements
This announcement contains certain forward looking statements which by nature,
contain risk and uncertainty because they relate to future events and depend on
circumstances that occur in the future. There are a number of factors that could
cause actual results or developments to differ materially from those expressed
or implied by these forward looking statements.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1395081]
London Mining Q4 2009 Presentation: http://hugin.info/137683/R/1395081/351925.pdf
London Mining Q4 2009 Financial Report: http://hugin.info/137683/R/1395081/351924.pdf
Unternehmensinformation / Kurzprofil:
Datum: 18.03.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 17678
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contact information:
Town:
London
Kategorie:
Business News
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