TIDMLOND
RNS Number : 5699W
London Mining Plc
01 February 2012
THE FOLLOWING REPLACES THE ANNOUNCEMENT RELEASED AT 7AM
UNDER
RNS NUMBER 5524W
THE BULLET REFERENCING 200KTPA IN COLOMBIA SHOULD READ Q3
2012
THE FULL CORRECTED TEXT APPEARS BELOW
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR
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OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA,
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Neither this Announcement nor any part of it constitutes an
offer to sell or issue or the solicitation of an offer to buy,
subscribe or acquire any new ordinary shares in any jurisdiction in
which any such offer or solicitation would be unlawful and the
information contained herein is not for publication or
distribution, in whole or in part, directly or indirectly, in or
into the United States, Australia, Canada, Japan, South Africa or
any jurisdiction in which such publication or distribution would be
unlawful.
London Mining Plc
Quoted on London AIM (LOND LN)
("London Mining" or the "Company")
1 February 2012
FIRST SHIPMENT FROM MARAMPA AND PRODUCTION FROM COLOMBIA
Marampa, Sierra Leone
-- First shipment of 49,656wmt has departed Freetown, destination Europe
-- Two further shipments expected in February
-- Plant run rate exceeds target for January
London Mining, Colombia
-- Production of coke has commenced
-- Capacity of 200ktpa expected in Q3 2012
Graeme Hossie, Chief Executive of London Mining said "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."
Marampa, Sierra Leone (100%)
London Mining today announces that it has completed loading of
the first ship with 49,656 wet metric tonnes of Marampa
concentrate. This ship has now departed Freetown and is destined
for Europe. A premium price to the Platts 62% cfr China benchmark
is expected to be realised. A second ship has been ordered for
February with the final destination expected to be China. A third
ship has also been requested from Glencore. The "Pride of Marampa"
transhipment vessel is expected in Freetown at the beginning of
March 2012 which is expected to provide the capability to load
Panamax and Capesize vessels by the end of Q1 2012.
Marampa has produced 93,000dmt of concentrate since production
commenced in December 2011, of which 75,000dmt was achieved in
January 2012. Ramp up of the plant continues with the average daily
run rate of 2,500dmt/d (with a maximum rate of 3,800dmt/d)
exceeding the target set for January. The current production target
of 1.5Mt in 2012 assumes an average daily production rate of
3,200dmt/d in February increasing to 4,100dmt/d in March. Capacity
of over 5,000dmt/d is expected once the ball mill is integrated
into the processing circuit in Q3 2012. A further increase to
capacity to the current plant is expected with the commissioning of
the gravity circuit in Q4 2012. The installation of a second
optimised plant is expected to increase Phase 1 capacity to
13,900dmt/d by the end of Q3 2013 to achieve targeted annual
production of 4.2Mt in 2013 and 5Mt in 2014.
London Mining, Colombia (100%)
Coke production has commenced in Colombia and the operation is
now focussing on completing the oven build out, ramping up
production, optimising product specification and commencing
transport of coke by road to Barranquilla where port capacity has
been secured for 200ktpa of exports. London Mining expects to reach
the targeted production run rate of 200ktpa by the end of Q3
2012.
For more information, please contact:
London Mining Plc
Graeme Hossie, Chief Executive
Officer
Rachel Rhodes, Chief Financial
Officer
Thomas Credland, Head
of Investor Relations +44 20 7408 7500
Liberum Capital (Nominated
Advisor/Broker)
Clayton Bush / Christopher
Kololian +44 20 3100 2000
J.P. Morgan Cazenove (Broker)
Neil Passmore / Ignacio
Borrell +44 20 7742 4000
Brunswick Group LLP
Carole Cable / Daniel
Thole +44 20 7404 5959
About London Mining
London Mining is focused on identifying, developing and
operating mines to become a mid-tier supplier to the global steel
industry. London Mining is producing high specification iron ore
from its Marampa Mine in Sierra Leone and developing two other iron
ore mines in Greenland and Saudi Arabia 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. It trades under the symbols LOND.L
(Reuters) and LOND LN (Bloomberg). More information about London
Mining can be found at www.londonmining.co.uk.
Neither the content of the Company's website nor the content of
any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into or forms part of this
Announcement nor, unless previously published by means of a
recognised information service, should any such content be relied
upon in reaching a decision as to whether or not to compare,
continue to hold, or dispose of, securities in the Company.
This Announcement is not for publication or distribution, in
whole or in part, directly or indirectly, in or into the United
States, Canada, Australia, Japan, South Africa or any jurisdiction
in which the same would be unlawful.
Certain statements in this Announcement are forward-looking
statements which are based on London Mining's expectations,
intentions and projections regarding its future performance,
anticipated events or trends and other matters that are not
historical facts. These statements are not guarantees of future
performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. Given these risks and uncertainties,
prospective investors are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date of such statements and, except as required by
applicable law, London Mining undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise. The information
contained in this Announcement is subject to change without notice
and London Mining assumes no responsibility or obligation to update
publicly or review any of the forward-looking statements contained
herein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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