LOND London Mining

TIDMLOND

RNS Number : 0438U

London Mining Plc

10 October 2014

London Mining Plc

Quoted on London AIM (LOND)

("London Mining" or the "Company")

10 October 2014

strategic process update

London Mining Plc (the "Company") announces that the only strategic investors now remaining in the process are those whose proposals are not expected to contemplate the continuation of London Mining Plc, the listed legal entity, as a going concern. As previously announced, discussions were ongoing with potential strategic investors about structures which the Board believed would result in little or no value in the equity of the Company but the discussions with the investor which might have resulted in little value in the equity have ended. As a consequence the Directors have requested the immediate suspension of the trading on AIM of the ordinary shares and trading on Channel Islands Securities Exchange of the convertible bonds. It is anticipated that further funding in to the Sierra Leone operation and potentially other development assets would be provided by a strategic investor if the discussions are successful.

For more information please contact:

 
 London Mining Plc 
  Graeme Hossie, Chief Executive Officer 
  Benjamin Lee, Chief Financial Officer 
  Thomas Credland, Head of Investor Relations    +44 (0)20 7408 7500 
 
   Liberum Capital (Nominated Adviser/Broker) 
   Richard Crawley / Tom Fyson                     +44 (0)20 3100 2000 
 J.P. Morgan Cazenove (Broker) 
  Ben Davies / Ignacio Borrell                   +44 (0)20 7742 4000 
 Buchanan 
  Bobby Morse / Louise Mason                     +44 (0)20 7466 5000 
 

About London Mining

London Mining is an expanding producer of high specification iron ore concentrate for the global steel industry and is focused on identifying, developing and operating sustainable mines. The Company is on track to produce c. 5Mwmt in 2014, from its 100% owned Marampa Mine in Sierra Leone, increasing to 6.5Mwmt/a following the next phase of expansion. Marampa has resources of c.1Bnt to support a mine life of over 40 years and a staged expansion to 20Mwmt/a of iron ore production. London Mining has also completed bankable feasibility studies outlining plans for the development of its projects in Greenland and Saudi Arabia, with an aggregate JORC attributable resource of 1,203Mt. The Company listed on AIM on 6 November 2009 and trades under the symbol LOND. More information about London Mining can be found at www.londonmining.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUROSRSWARAAA

London Mining (LSE:LOND)
Historical Stock Chart
From Dec 2024 to Jan 2025

London Mining (LSE:LOND)
Historical Stock Chart
From Jan 2024 to Jan 2025