ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for tools Level up your trading with our powerful tools and real-time insights all in one place.

London Mining Expands on Operations

Share On Facebook
share on Linkedin
Print

Iron ore producer London Mining (LSE:LOND) sends off its’ first ship loaded with 49,656 wet metric tonnes (“wmt”) of iron ore from their Marampa Mine in Sierra Leone, which is bound for Europe.

This is the first of the three shipments scheduled to deliver London Mining’s produce, with the second ship bound for China and the third to be provided to Glencore, the Swiss-based commodities supplier. The next two ships are scheduled this February.

London Mining expects premium price in comparison to the 62% CFR China Benchmark listed at the Platts Iron Ore Price Assessment.

Marampa Mine

London Mining has complete control in the Marampa Mine, which is a 13.82 km2 brownfield site used to produce 2.5 Mtpa in the 1960s when it was operated by William Baird. Internal strife and economic conditions haulted operations until London Mining secured a licence in 2006 and resumed operation in 2011.

Since December 2011, Marampa mine has produced 93,000 dmt of concentrate, 75,000 dmt of which was achieved in January, producing at an average daily run rate of 2,500 dmt/d and a maximum rate of 3,800 dmt/d.

The company targets to produce 4Mtpa of sinter concentrate for the first phase and increased to 16Mtpa on the second phase. The mine has a 25-year mine life.

CEO Comments

Graeme Hossie, Chief Executive of London Mining expressed positive vibe for the company, saying,

“January 2012 has been a landmark month for London Mining. We have commenced exports from our operation in Sierra Leone and production from our operation in Colombia. We are focused on producing 1.5Mt at Marampa in 2012 and are encouraged by the Marampa product specification which allows us to capture a significant grade related pricing premium.”

Shares of London Mining are up by 4.5 pence, or 1.7%, to 275 pence as of 8 AM GMT.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com