London Mining - PROPOSED ADMISSION TO LONDON MARKETS>
London Mining - PROPOSED ADMISSION TO LONDON MARKETS
(Thomson Reuters ONE) - London Mining ("the Company") today announces that it intends to seekan admission of its shares for trading on the AIM Market of theLondon Stock Exchange ("AIM"). With a listing on AIM, the Companywill benefit from the presence of established mining sector researchcoverage in London and improved access to global investors. TheCompany already has a significant number of UK based investors andthe move will allow existing shareholders to trade more freely in theCompany's stock.London Mining is planning the introduction to AIM for the second halfof 2009 and does not intend to raise further funds on admission. Asof the end of March 2009 the Company had cash of USD 260 million withfunding identified for all of its current projects. The admissionwill be the start of a process for the company to establish itself inLondon as it enters a period of significant growth.Liberum Capital Limited will be appointed as nominated advisor("Nomad") and broker in relation to the admission with GMP SecuritiesEurope LLP appointed as joint broker.The Oslo Axess and capital markets have provided a good platform forthe initial development of London Mining. Through Oslo, the Companyraised the debt and equity funding for the acquisition anddevelopment of its iron ore asset in Brazil, which the Companysubsequently sold to Arcelor Mittal for USD 810 million in August2008. At present the Company plans to maintain its Oslo Axess listingupon the introduction of its shares to AIM to allow for an orderlytransition of trading. The Company will review the status of the OsloAxess listing after an appropriate period of time.London Mining has four major iron ore projects in China, SierraLeone, Saudi Arabia and Greenland with two coal investments in SouthAfrica and Colombia. The Company has iron ore resources of 1.2billion tonnes, is growing production from 0.4mtpa at its jointventure in the Anhui Province of China and is targeting globalproduction of 15mtpa through the development of its other projects by2015. Key milestones in 2009 are: initial development of itsbrownfield Marampa mine in Sierra Leone, the completion of a bankablefeasibility study for its Wadi Sawawin mine in Saudi Arabia anddelivery of a pre-feasibility study for the high-grade Isua projectin Greenland. Progress is also expected from its coal interests inSouth Africa, where a feasibility study is expected for the Rietkuilcoal project, and Colombia where the Company is reviewing furtherinvestment in this world class jurisdiction for coal production.Managing Director, Graeme Hossie comments "Working with the advisorsappointed today, London Mining intends to list on AIM and continuebuilding its track record of delivering shareholder value in one ofthe world's leading equity markets. Our goal is to be a significantmid-tier supplier of bulk commodities to the world's steel industryand we have the funds, assets and proven expertise to establish asignificant production portfolio over the next four years. Whileglobal equity markets and, indeed, iron and steel markets havesuffered during current economic conditions we believe that thefundamentals of steel demand for infrastructure projects in emergingeconomies such as China and the Middle East will be significant overthe next decade."For more information, please contact:London Mining PlcGraeme Hossie, CEO +44 (0) 20 7201 5000Thomas Credland, Head of Investor Relations +44 (0) 20 7201 5000Crux Kommunikasjon ASCharlotte Knudsen +47 97 56 19 59Threadneedle Communication (UK)Laurence Read +44 (0) 20 76539850About London MiningFounded in April 2005, London Mining is incorporated and registeredin the UK. In 2007, London Mining raised over USD 185 million toadvance iron ore production from its projects, and listed on the OsloAxess, a marketplace regulated by the Oslo Stock Exchange. In 2008,it sold its Brazilian mine to Arcelor Mittal for USD 810 million andreturned GBP 220 million to shareholders. The Company currently hasiron ore projects and mines in China, Sierra Leone, Saudi Arabia andGreenland, and coal assets in South Africa and Colombia. LondonMining trades under the Reuters symbol LOND.OL and Bloomberg symbolLOND:NO.Operational milestones during Q1 2009:Iron oreChina * Xiaonanshan iron ore mine and Sudan processing plant acquired * Group to report production from Q2 2009 * Assessment of safety, operations and expansion plans underwaySierra Leone * Tailings drilling complete - inferred resources of 39mt of tailings identified above water table and 24mt below * Final phase engineering design due for completion H2 2009 * Truck and barge route established to deep water port for exportSaudi Arabia * Positive feasibility study complete for first 5mtpa project phase. * Independent market study identified significant supply deficit of c.20mtpa of direct reduction (DR) pellets in the Middle East and North Africa (MENA). * Bankable feasibility study underwayGreenland * Resource definition and engineering work towards pre-feasibility study ongoing * Updated resource statement and pre-feasibility study planned in late H2 2009CoalSouth Africa * Updated resource statement received from DMC Energy on Rietkuil projectColombia * London Mining is reviewing strategic opportunities relating to its 20% investment in International Coal Companyhttp://hugin.info/137683/R/1328319/313141.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 13.07.2009 - 08:00 Uhr
Sprache: Deutsch
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