CHILE JOINT VENTURE AGREED
(Thomson Reuters ONE) -
London Mining, the UK based developer of mines to supply the steel industry,
today announces it has entered into a joint venture with a Chinese and Chilean
based partner to take advantage of several iron ore opportunities in the Atacama
region of Chile. The joint venture company, Atacama Mining Resources Corporation
("Atacama"), through its Chilean subsidiary, holds options over concessions to
iron ore deposits in the Atacama region of Northern Chile. Under the agreement,
London Mining has subscribed for 50% of the shares of Atacama.
London Mining has also agreed to make additional loans of in aggregate
USD5million to the Chilean subsidiary of Atacama to fund acquisitions of a
number of concessions in the area and to get exclusive rights from our joint
venture partners on future iron ore prospects in Chile. The loans will be repaid
to London Mining from the earlier of first sales of ore made by the joint
venture or third party funding into the joint venture. The subscription by
London Mining in Atacama is in consideration for the waiver by London Mining of
previously advanced convertible loans in the aggregate amount of USD5 million.
The Atacama projects are located within a short distance from a number of
potential port opportunities and logistics arrangements for export to China are
being investigated.
Graeme Hossie CEO of London Mining said: "We are very excited to have concluded
these arrangements which bring a strong pipeline of future development potential
to the Group. We are currently undertaking resource definition activities and
investigating the potential to obtain early production with very low investment
by Atacama. We look forward to releasing updates on this activity later this
year."
The Company's website can be found at www.londonmining.co.uk
For more information, please contact:
London Mining Plc
Thomas Credland, Head of Investor Relations +44 20 7201 5000
Liberum Capital (Nominated Advisor/Broker)
Clayton Bush/Ellen Francis +44 20 3100 2000
Brunswick Group
Carole Cable/ Daniel Thöle +44 20 7404 5959
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. London Mining
is developing four iron ore mines in Sierra Leone, Saudi Arabia, Greenland and
China as well as a coking coal operation in Colombia. All London Mining's assets
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#1434895]
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: London Mining Plc via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 30.07.2010 - 08:06 Uhr
Sprache: Deutsch
News-ID 34853
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
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"CHILE JOINT VENTURE AGREED"
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