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London Mining Plc is a UK-based company that is developing mines for the steel industry. It has 100% of the Marampa hematite iron ore mine in Sierra Leone, 100% of the Isua magnetite iron ore project in Greenland, a 25% stake in on the Wadi Sawawin joint venture in Saudi Arabia and a 100% stake of an coking coal development project in Colombia. The Company listed on the Oslo Stock Exchange on 9th October 2007 and on London AIM on 6 November 2009. 

Website:
http://www.londonmining.co.uk
Phone:
+44 (0)20 7408 7500
Address:
Nations House, 103 Wigmore Street, London W1U 1QS.
Super Sector:
General Mining - Iron Ore and Bauxite
Sector:
Industrial Metals
Industry:
Iron & Steel
EPIC / Symbols:
LON:LOND
chart-size
*subject to change and depends on individual circumstances.

London Mining RNS Press Releases

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London Mining Articles, News, and Media Files

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London Mining Related Media

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Broker press

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  • 31/03/14
    +0.00 +67.75

    Credit Suisse reiterates its "outperform" rating but cut its price target to 140p from 170p.

  • 27/03/14

    27.03.14 :-1.62, (65.38) Jefferies reiterates its "buy" rating but cut its price target to 160p from 200p.

  • 24/03/14

    24.03.14 :-2.37, (66.63) Goldman Sachs upgrades its rating to "neutral" from "sell" but cut its price target to 75p from 90p.

  • 13/03/14
    +0.00 +76.00

    Investec reiterates its "buy" rating but cut its price target to 129p from 135p.

  • 07/03/14

    07.03.14 :-2.75, (86) JP Morgan reiterates its "overweight" rating but cut its price target to 160p from 170p.

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
20/12/13 C.J. Harris BUY 5,000 ORD 101.00 5,050 5,000 N/A
17/12/13 A.M. Ferguson BUY 45,407 ORD 101.30 45,997 45,407 0.03
16/12/13 H.M.P. Miles BUY 50,000 ORD 102.33 51,165 88,173 0.06
13/12/13 Sir N.C. Bonsor BUY 11,820 ORD 100.13 11,835 133,025 0.10
29/04/13 R. Rhodes EX 15,233 OPT 0.00 0 100,233 0.07

BASIC RESULTS INFORMATION

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Date Type Turnover Profit EPS (p) Dividend (p) Currency
31/12/13 Full year 299.40 -19.19 -18.00 0.00 USD
30/06/13 Interim 142.14 -5.01 -3.00 0.00 USD
31/12/12 Full year 120.56 -58.02 -80.00 0.00 USD
30/06/12 Interim 57.67 -21.66 -14.00 0.00 USD
31/12/11 Full year 0.00 -41.63 -53.00 0.00 USD

Presentations & Company Media

Company Statement

 

London Mining is an expanding producer of high specification iron ore for the global steel industry and is focused on identifying, developing and operating sustainable mines.

London Mining commenced sales from the Marampa mine in Sierra Leone in 2012 and expects to reach production capacity of 5Mtpa in 2013. A bankable feasibility study was completed in 2012 on an expansion plan to 9Mtpa and a prefeasibility study was completed in 2011 which shows that Marampa has resources to support a staged expansion to over 16Mtpa.

London Mining has also completed bankable feasibility studies outlining plans for a further 20Mtpa of iron ore production by developing two other mines in Greenland and Saudi Arabia.

Current Operations

 

London Mining is developing the Marampa mine in Sierra Leone where it commenced production in 2011 and is expanding to produce 5Mtpa by the end of 2013. The resource could support an operation with production of over 16Mtpa. A bankable feasibility study for our Isua project in Greenland completed in 2012 showed the potential for a further 15Mtpa of high quality iron ore production



Marampa, Sierra Leone


Marampa is located 40km from tidewater enabling the use of a low cost flexible logistics solution, it has a resource of almost 1.1 billion tonnes including tailings from previous operations and soft weathered ore which means that a simple low cost process can be employed to produce a premium quality sinter concentrate.

We started production at our Marampa mine in December 2011 and achieved our target of over 1.5Mt of high quality iron ore in 2012. We are expanding production capacity to 5Mtpa over the course of 2013. Marampa has a resource of over 1 billion tonnes of iron ore and we are reviewing ways to further expand production beyond our 5Mtpa base case.



Highlights

  •     Production of high grade sinter concentrate commenced at the mine in December 2011
  •     Over 1.5Mt of iron ore produced in 2012
  •     Expansion to 5Mtpa in 2013
  •     Bankable feasibility study for an expansion to 9Mtpa was completed in 2012
  •     1 billion tonne resource could support an expansion to over 16Mtpa


Explore our Operations


Mine

The Marampa licence is located 120km from Freetown on the outskirts of the town of Lunsar. The licence comprises a mine, power plant and processing plant.  The mine is connected to the Thofeyim River Terminal by a 40km haul road for which London Mining has dedicated commercial use

Port

The Thofeyim river port and stock yard is located on tidewater and operates year round in both the wet and dry seasons. Concentrate is unloaded from haul trucks into the stock yard which has capacity of 300,000t. Concentrate is then loaded onto barges for a 50km journey to the Freetown harbour.

Transhipment operations


Iron ore is transferred from barges to ocean going vessels (OGV) using either the OGV's own loading gear or using one of London Mining's transhipment vessels. The Pride of Marampa floating offshore transhipment platform (FOTP) is able to load ships at a rate of 20,000t per day.

 

For more information please click here


Isua, Greenland

Located 150km north-east of Nuuk and 110km from a proposed deep seawater port, Isua will produce a premium quality 70% Fe pellet feed concentrate with low impurities and benefits from its position in the warmer south-west corner of Greenland which allows for year round shipping. A bankable feasibility study has been completed for a 15Mtpa operation based on a resource of over 1.1 billion tonnes.


Highlights

  • Project to produce 15Mtpa premium blast furnace pellet feed with low impurities
  • BFS shows project NPV of USD 1.76 billion with a project IRR of 18.7% on a 10 year initial operation with 3.5 year payback
  • JORC classified Mineral Resource of 1107Mt with internally diluted grade of 32.6% Fe
  • Additional mineralisation potential of between 950Mt and 1,500Mt including a high grade hematite target of between 150Mt and 300Mt
  • Permitting process expected to be complete in 2013

 

Project Location

 

About Isua

The Isua project will comprises of a mine, processing plant and 105km concentrate pipeline which connects the plant to a deepwater port capable of year round loading of 250,000t ships

 

For more information please click here


Wadi Sawawin, Saudi Arabia

The Wadi Sawawin iron ore deposits were discovered in 1953 and during the following 40 years were investigated by various entities, principally British Steel, between 1975 and 1993. The British Steel work included three drilling campaigns, two exploration adits, a quarry and a pilot plant. London Mining holds a free carried 25% interest in the project and in 2010 completed a bankable feasibility study on a 5Mtpa mine, pellet plant and port.



Wadi Sawawin is of strategic and economic importance to Saudi Arabia as it will provide a domestic source of Direct Reduction (“DR”) pellets for use in the DRI steel plants which account for 90% of steel production in the Middle East and North African region. The location of Wadi Sawawin will provide it with a competitive advantage over competing Brazilian and European supply through reduced freight rates from its deep water port in the Red Sea and access to low cost Saudi Arabian energy. In addition the project will assist in the programme of diversification of the economy which is an important element of Saudi Arabian government policy and as a consequence the project is expected to benefit from low cost state sponsored funding.



The 2010 bankable study completed by London Mining estimated total capital expenditure (including power and desalination plant) of USD 1.9 billion for a 5Mtpa mine, processing plant and deepwater port with operating costs of less than USD 50/t pellets.



The current indicated JORC resource of 248Mt grading 39.8% Fe is sufficient for a mine life of 21 years at the run rate of 5Mtpa. In addition, London Mining has inferred resources of 134Mt grading 39.2% Fe (as well as further exploration targets) which may provide the basis for an extension of the mine life at 5Mtpa by over 10 years or an expansion to 10Mtpa. London Mining will continue to undertake sufficient exploration to maintain the licences in good standing until funding is secured. The current resource is based entirely within the Western exploration licence and is contiguous with the current exploration licence.

 
Highlights

  • Bankable feasibility study completed for 5Mtpa mine, pellet plant and port
  • Product will be a high quality DR “direct reduction” pellet which is ideal for sale into the Middle East for use in DRI steel plants
  • London Mining has a free carried interest of 25% in the project
  • The resource of almost 400Mt would support an expansion to 10Mtpa


Explore our Operations

 

Saudi Arabia

The Wadi Sawawin Project is located in the Northern Hijaz region of the Kingdom of Saudi Arabia approximately 125km from Tabuk and 60km from the Red Sea port of Duba.

 

For more information please click here

 

Management

Michael Miles OBE - Non Executive Chairman


Michael Miles OBE joined the Board of London Mining in December 2012 as a Non Executive Director and became Chairman in March 2013. Michael brings extensive and varied global business and FTSE 100 board governance experience to the London Mining Board.



Sir Nicholas Bonsor - Non Executive Deputy Chairman


Sir Nicholas Bonsor was appointed to the Board on 1 September 2007 as a Non Executive Director. A barrister, he practised in a Common Law Chambers from 1967 to 1975 and as a specialist in regulatory and commercial law from 2003 to 2011.



Graeme Hossie - Chief Executive Officer


Graeme Hossie co-founded London Mining in early 2005 and has been instrumental in building the Group from its inception to its current status as one of the leading emerging new producers for the global steel industry. He has driven the overall development of the Group’s expanding iron and coal projects and international management team as well as fund raisings and share placings of over USD 600 million, asset and Company acquisitions, the establishment of offtake and strategic relationships, and the IPOs on Oslo Axess and the London AIM stock exchanges.



Rachel Rhodes - Chief Financial Officer


Rachel Rhodes was appointed to the Board on 4 September 2008 as Chief Financial Officer and during her time at London Mining has successfully listed the Company on AIM and been integral in raising Group and project finance of around USD 400 million.



Benjamin Lee - Corporate Development Director


Benjamin Lee is involved in all the financing and strategic aspects of current and future projects. Prior to joining London Mining in early 2009, Benjamin was head of UK Mergers and Acquisitions at Kaupthing Bank in London from 2007 to 2008. Among a number of transactions completed there, he was the lead adviser to London Mining on the disposal of their Brazilian iron ore mine.



Dr Colin Knight - Non Executive Director


Dr Colin Knight was appointed as a Non Executive Director of London Mining on 14 June 2005 and was Chairman until March 2013. He is a mining engineer and economic geologist and, since 1983, has consulted on mining finance, policy and projects worldwide for London stockbrokers and banks, and for the World Bank and Commonwealth Secretariat in developing countries in Africa.



Luciano Ramos - Non Executive Director


Luciano Ramos is a mining engineer and has worked for over 29 years in the Brazilian mining industry including 15 years at CVRD/Vale between 1992 and 2007.



Malcolm Groat - Non Executive Director


Malcolm Groat was appointed to the Board on 4 September 2008 as a Non-Executive Director having previously held the position of part time Finance Director from June 2007. He is a fellow of the Royal Society for the encouragement of Arts, Manufactures and Commerce, a fellow of the Institute of Directors, and a fellow of the Institute of Chartered Accountants in England and Wales.



Colin Harris - Non Executive Director


Colin Harris has been working as an exploration geologist for over 40 years and has a wealth of experience in the generation, exploration and evaluation of projects covering a variety of commodities and deposit styles in over 25 countries, mainly in Africa and Europe.



Alan Ferguson - Non Executive Director


Alan Ferguson was appointed to the Board on 21 March 2013 as a Non-Executive Director. Alan is currently a Non-Executive Director on the Boards of Weir Group Plc, Croda International Plc and Johnson Matthey Plc, and has held the position of Finance Director with Lonmin Plc, BOC Group Plc and Inchcape Plc.  Alan is a chartered accountant with over 30 years experience and will chair the audit committee.

 

For more information please click here

Major Shareholders

 

Information taken from Company website 25.05.2013

  • Additional Information
    Market
    AIM
    EPIC
    LOND
    Share Price
    59.63p
    Change
    0.5
    Volume
    699
    Dividend
    0
    EPS
    -18.00
    Shares
    138.43 m
    Offer
    60
    Bid
    59.25
    Avg. Vol
    748,706
    Yield
    0.00
    P/E
    -16.12
    Mkt Cap
    £82.54 m
  • Contact Information

    Head Office
    London Mining Plc

    Nations House
    103 Wigmore Street
    London
    United Kingdom
    W1U 1QS

    Phone: +44 (0) 20 7408 7500
    Fax: +44 (0) 20 7647 4440
    Email: info@londonmining.com

    Sierra Leone Office

    London Mining Company Ltd

    56B Motor Main Road
    Wilberforce
    Freetown
    Sierra Leone

    Greenland Office
    London Mining Greenland A/S

    Imaneq 33, 4th Floor
    Postbox 103
    3900 Nuuk
    Greenland

    Corporate Information

    Investor Contacts

    Thomas Credland
    Head of Investor Relations - London Mining Plc
    Tel:
    +44 (0)20 7408 7500
    Fax: +44 (0)20 7647 4440
    Email: info@londonmining.co.uk
    Website: www.londonmining.co.uk
    Please send all TR-1 notifications to: notifications@londonmining.co.uk

    Advisors
    Carole Cable

    Brunswick Group LLP
    16 Lincoln's Inn Fields
    London, WC2A 3ED
    Tel: +44 (0)20 7404 5959
    Email: ccable@brunswickgroup.com
    Website: www.brunswickgroup.com

    Advisors


    Nominated Adviser and Broker
    Liberum Capital Limited

    CityPoint
    10th Floor
    One Ropemaker Street
    London, EC2Y 9HT
    United Kingdom

    Co Broker
    J.P Morgan Cazenove

    10 Aldermanbury
    London, EC2V 7RF
    United Kingdom

    Legal Advisors
    Travers Smilth LLP

    10 Snow Jill
    London, EC1A 2AL
    United Kingdom

    Auditors
    Deloitte LLP

    2 New Street Square
    London, EC4A 3BZ
    United Kingdom

    Registrar
    Computershare Investor Services plc

    The Pavilions
    Bridgwater Road
    Bristol, BS13 8AE
    United Kingdom

    Investor and Public Relations
    Brunswick Group LLP

    16 Lincoln’s Inn Fields
    London,WC2A 3ED
    United Kingdom

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