UPDATE ON AIM LISTING, RELEASE OF COMPETENT PERSON'S REPORT AND
UPDATE ON ASSETS
(Thomson Reuters ONE) - * CPR released today on the Company's four principal iron ore assets: Key development milestones of principal assets fully funded* AIM listing on trackAIM listingAs announced on 13 July 2009, the Company intends to seek anadmission of its ordinary shares to trading on AIM (as well asmaintaining its listing on the Oslo Axess market of the Oslo Børs).The Company is proposing to list on AIM to benefit from the presenceof established mining sector research coverage in London and improvedaccess to global investors. The listing process is progressing welland the Company has appointed Liberum Capital Limited as its proposednominated adviser and joint broker along with GMP Securities EuropeLLP as joint broker. Admission to AIM is expected to take placebefore the end of the year.Release of Competent Person's ReportA copy of the Competent Person's Report prepared by Wardell ArmstrongInternational in conjunction with the proposed AIM listing is nowavailable on the Company's website.Update on assetsLondon Mining is focused on identifying, developing and operatingscaleable mines to become a mid-tier supplier to the global steelindustry. The Group focuses its activities on deliverable iron oreprojects, where the key features are scaleable production, financingopportunities and a clear route to market. The Company was founded in2005 and is based in London. It currently has investments in fourmajor iron ore projects: Sierra Leone; Saudi Arabia; Greenland andChina. The Company is currently undertaking resource definitionprogrammes to ensure that all of its principal assets will haveresources to JORC standard. An upgrade of Marampa tailings and WadiSawawin resources to JORC standards is expected before the end of theyear and an upgrade of Marampa primary ore and China resources toJORC standard is expected within 9 months.The Directors believe that the total iron ore concentrate productioncapacity of the Group's four principal projects (on a 100% basis) hasthe potential to rise from 0.4Mtpa in 2009 to 14 Mtpa in 2014 and toin excess of 20Mtpa in 2018. This can be broken down as follows:* Sierra Leone - sinter feed: 1.5Mtpa in 2011 to in excess of 3Mtpa in 2013* Saudi Arabia - DR pellets: 5Mtpa in 2013 to 10Mtpa in 2017* Greenland - DR pellet feed : 5Mtpa in 2014 to 10Mtpa in 2018* China - magnetite concentrate: 0.4 Mtpa in 2009 to 1 Mtpa in 2011(Company estimates)As at 30 September 2009 the Company had consolidated Group cash ofUSD230million, which it has allocated to fund the key developmentmilestones of its principal iron ore assets:* Sierra Leone through to production within 12 to 18 month;* Wadi Sawawin project through to bankable feasibility study, due before the end of 2009;* Isua project through to bankable feasibility study, by the end of 2010; and* Upgrade of all resource estimates to JORC standards within 9 months.Further details of the Company's assets, objectives and strategy,methods of financing its business, current trading and prospects andmanagement team are set out in the Appendix to this announcement.Commenting today Graeme Hossie, Chief Executive, of London Miningsaid: "London Mining's objective is to become a mid-tier supplier tothe global steel industry. We have four very promising iron oreprojects and a phased development plan to bring those assets throughto production. With great assets, a technical team with provenexpertise and a strong balance sheet, we are intending to become anestablished company on the London market; which is already home tosome of the world's leading mining companies. We believe thatadmission to AIM will give us exposure to a long established miningresearch and investment community."Please find the full announcement, including APPENDIX with updatedinformation on the Group, as well as the Competent Person's Report(CPR) and a presentation enclosed.Please note that London Mining will host a conference call today,Monday 12 October 2009 at 4 pm UK time/ 5 pm CET (Oslo). Dial-indetails will be announced shortly.For more information, please contact:InvestorsLondon Mining PlcGraeme Hossie, Managing Director +44 (0) 20 7201 5000Rachel Rhodes, Financial DirectorMediaCrux Kommunikasjon (Norway)Charlotte Knudsen +47 97 56 19 59Threadneedle Communication (UK)Laurence Read/ Graham Herring +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 USD810m and returnedGBP220m to shareholders. The Company currently has iron ore projectsand mines in Sierra Leone, Saudi Arabia, Greenland and China, andcoal assets in South Africa and Colombia. London Mining trades underthe Reuters symbol LOND.OL and Bloomberg symbol LOND:NO.http://hugin.info/137683/R/1346819/323631.pdfhttp://hugin.info/137683/R/1346819/323632.pdfhttp://hugin.info/137683/R/1346819/323634.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.10.2009 - 08:00 Uhr
Sprache: Deutsch
News-ID 6785
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