London Mining

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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.com/
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
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London Mining RNS Press Releases

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London Mining Articles and News

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London Mining Related Media

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London Mining market reports

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Broker press

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  • 10/05/13
    +1.75 +119.50

    JP Morgan reiterates its "overweight" rating but cut its price target to 205p from 215p.

  • 25/04/13
    +7.75 +118.75

    Investec upgrades its rating to "buy" from "hold" but maintained its 128p price target.

  • 15/04/13

    15.04.13 :-12, (106.75) Citigroup reiterates its "buy" rating but cut its price target to 160p from 200p.

  • 15/04/13

    15.04.13 :-12, (106.75) Goldman Sachs reiterates its "buy" rating but cut its price target to 195p from 200p.

  • 26/03/13
    +0.50 +126.75

    Investec downgrades its rating to "sell" from "buy" and cut its price target to 128p from 274p.

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
29/04/13 R. Rhodes EX 15,233 OPT 0.00 0 100,233 0.07
26/04/13 C.J. Knight BUY 20,000 ORD 114.00 22,800 522,000 0.37
25/04/13 Sir N.C. Bonsor BUY 5,000 ORD 113.00 5,650 121,205 0.09
23/04/13 H.M.P. Miles BUY 38,173 ORD 104.00 39,700 38,173 0.02
13/12/12 Sir N. Bonsor BUY 15,300 ORD 124.65 19,071 116,205 0.08

BASIC RESULTS INFORMATION

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Date Type Turnover Profit EPS (p) Dividend (p) Currency
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
30/06/11 Interim 0.00 -25.63 -26.00 0.00 USD
31/12/10 Full year 0.00 -100.84 -92.00 0.00 USD

Presentations & Company Media

Company Statement

London Mining is producing from its Marampa Mine in Sierra Leone and developing two other iron ore mines in Saudi Arabia and Greenland as well as a coking operation in Colombia. All London Mining's assets have deliverable production with potential for expansion. The Company listed on AIM in London on 6 November 2009.

 

Current Operations

 

Iron Ore Overview

London Mining has total iron ore resources of 2.2 billion tonnes with targeted production of over 30Mtpa of high grade concentrates planned from its projects in Sierra Leone, Greenland and Saudi Arabia. Our strategy is to provide a viable alternative to the diversified miners and upstream integration by selecting assets with unique competitive advantages and high margin potential in countries with a national interest in mining. For example:

 

  • Marampa (Sierra Leone) has a short lead time to production and is located in a region of significant geological potential
  • Isua (Greenland) will produce a high quality magnetite concentrate that can be blended with hematite ores from Wadi Sawawin
  • Wadi Sawawin (Saudi Arabia) benefits from a low energy costs and a significant supply gap in the Middle East and North Africa region

 

Sierra Leone - Marampa

The Marampa mine is located 125km by road north-east of Freetown and 40km by dedicated haul road from tidewater at the Thofeyim river terminal.

London Mining secured an option to acquire the mining rights at the Marampa mine in December 2005. After securing funding, London Mining was able to exercise the option in January 2006 and in September 2006 the Marampa mining lease was assigned to LMC, a 100% subsidiary of London Mining. The Marampa mine recommenced production in December 2011.

London Mining is developing Marampa in two phases. Phase 1 is in production and will be expanded to produce 5Mtpa of sinter concentrates from a blend of tailings from previous operations and soft highly weathered ore. A bankable feasibility study outlining an expansion to 9Mtpa will be completed in Q3 2012.

A PFS has been completed for a  Phase 2 expansion which will produce over 16Mtpa of concentrate from the remainder of the Marampa ore body over a 25 year mine life.

 

For more information please Click Here.

 

Saudi Arabia - Wadi Sawawin

The Wadi Sawawin Project located in the north-west corner of Saudi Arabia, 125km from Tabuk and 60km from the Red Sea port of Duba. 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. 

As announced on the 23 November 2011, London Mining’s partner in the Wadi Sawawin Project, National Mining Company (“NMC”) has signed an agreement with STX Heavy Industries (“STX”) to conclude the pre-construction engineering design and continue the programme of assisting arranging the full financing for the Wadi Sawawin Project in Saudi Arabia. London Mining will work with STX to undertake the final pre-construction design and procurement preparation.

 

For more information please Click Here.

 

Greenland - Isua

Isua is located 150km Northeast of Nuuk and 100km 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.

In March 2010, London Mining reported a JORC resource estimate completed by Snowden Mining Industry Consultants of 951Mt at 36% Fe. A PFS for a 10Mtpa open pit and processing operation from an initial 451Mt open pit mine plan was completed by SNC Lavalin in June 2010. The June 2010 PFS considered a 10Mtpa operation with a 21 year initial mine life and estimated capital expenditure of USD 1.7 billion. In February 2011 London Mining released the results of a 15Mtpa scoping study completed by SNC Lavalin.

For more information please Click Here.

 

Coal - Coloumbia

London Mining made its first coal acquisitions in August 2008 as part of an overall strategy to develop a complimentary metallurgical coal supply for its iron ore production and in doing so take advantage of the robust long-term outlook for thermal coal. The Company owns 100% of London Mining Colombia, a coking coal developer in Colombia.

London Mining is now constructing coke ovens with a capacity of 200ktpa in the Boyaca region of Colombia, a region with significant local production of high quality coking coal. Commissioning of the coke ovens has commenced with first production expected in January. London Mining continues to expect to reach the 200ktpa coke production run rate in Q3 2012. London Mining is also in a number of discussions with port and transport companies regarding short and medium term export arrangements.

 

Managment

 

Board of Directors:

 

Dr Colin Knight - Non Executive Chairman

 

Sir Nicholas Bonsor - Non Executive Deputy Chariman

 

Graeme Hossie - Chief Executive Officer

 

Rachel Rhodes - Chief Financial Officer

 

Benjamin Lee - Corporate Development Director

 

Luciano Ramos - Chief Operating Officer

 

Malcolm Groat - Non Executive Director

 

Dr Hans Kristian Schønwandt - Non Executive Director

 

Graham Mascall - Non Executive Director

 

Colin Harris - Non Executive Director

 

 

Click here for Management information

Major Shareholders

 

Significant Shareholders (as 30 December 2011)

Shareholders Shares %
F & C Asset Management Plc 10,999,491
 9.64
FIL Limited/FMR LLC
 9,963,853 8.73
Government Singapore Investment Corp 9,121,057
 7.99
UBS AG 8,112,199 7.11
Schroder Investment Mgmt Ltd 7,291,210
 6.39
Directors 7,286,836 6.39
BlackRock Inc 6,710,367
 5.88
Threadneedle Asset Management Ltd 4,522,176
 3.96
Credit Suisse AG 4,016,000 3.52
Lazard Asset Management Limited 3,708,059 3.25
Other 42,370,712 37.14
Total 113,923,794 100.00

 

Updated from London Mining website 19.03.2012

 

  • Additional Information
    Market
    AIM
    EPIC
    LOND
    Share Price
    119.25p
    Change
    -0.25
    Volume
    669,610
    Dividend
    0
    EPS
    -92.00
    Shares
    138.43 m
    Offer
    119.5
    Bid
    119
    Avg. Vol
    748,706
    Yield
    0.00
    P/E
    -16.12
    Mkt Cap
    £165.07 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.co.uk

     

     

    Oman office

    London Mining Company

    P.O.Box 638

    Postal code 114

    Hayy Al Mina

    Muscat

    Oman

     

    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

     

     

    Colombia Office

    London Mining Ltd. Colombia

    Calle 98 No. 9A-46

    Oficina 501

    Bogotá D.C.

    Colombia

     

    Corporate Information

     

    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 Advisers

    Travers Smith LLP

    10 Snow Hill

    London, EC1A 2AL

    United Kingdom

     

    Auditors

    Deloitte LLP

    2 New Street Square

    London, EC4A 3BZ

    United Kingdom

     

    Registrar (Norway)

    DnB Nor Bank ASA

    Verdipapirservice

    Stranden 21

    Oslo

    Norway

     

    Registrar (United Kingdom)

    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

     

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