AGM STATEMENT (9287D)
May 23 2012 - 5:37AM
UK Regulatory
TIDMLOND
RNS Number : 9287D
London Mining Plc
23 May 2012
London Mining Plc
Quoted on London AIM (LOND LN)
("London Mining" or the "Company")
23 May 2012
AGM Statement
At the Company's AGM to be held later today, Sir Nicholas
Bonsor, the Deputy Chairman of London Mining, in the absence of the
Chairman, will make the following statement to shareholders
present, in line with London Mining's 10 May 2012 Production Report
and Interim Management Statement.
Sir Nicholas Bonsor: "2012 has started well for London Mining.
Turning to each of our assets, at Marampa, we are pleased to say
that the plant is successfully processing tailings and weathered
ore to a consistent high quality and we are on track to achieve our
full year target of 1.5Mtpa of iron ore concentrate. The logistics
from mine to ship have been proven to work as designed and over the
first quarter we produced 300,000 dry metric tonnes of iron ore and
shipped over 230,000 dry metric tonnes to Europe and China. This
was shipped in five Supramax vessels, four of which went to China
and one to Europe. Since the end of the quarter, we have
successfully reached an average run rate of 4,300 tonnes per day
which is in line with our ramp up plans and puts us firmly on track
to reach the 2012 production target.
Expansion works at the first plant continues apace, and we have
commenced works for the second plant which when combined together
will ensure we continue to grow capacity at Marampa and reach our
production targets of 1.5Mt in 2012, 4.2Mt in 2013 and 5Mt in 2014.
Work on the Bankable Feasibility Study for a further expansion to
9Mtpa is expected to be completed in the third quarter of this
year, with completion of the Environmental and Social Impact
Assessments expected after that sometime in the fourth quarter.
In Colombia, construction of the coke ovens continues although
we were severely hampered by the unexpected rains caused by La
Nina. None the less we produced 5,800 tonnes over the quarter. We
have caught up some lost ground and we continue to aim for our
target of 200,000 tonnes production capacity in the first phase. We
are also exploring and undertaking feasibility studies on nearby
coking coal concessions.
Briefly turning to Isua, as we announced on 29 March, we have
now completed the BFS for a 15Mtpa operation. The BFS defined a
three year construction period to begin producing 70% Fe premium
grade iron ore pellet feed with a payback period of 3.5 years.
Since the BFS, we have commenced the permitting process.
To realise our growth plans we know we must continue to attract
and retain talented people and also ensure that the communities and
countries in which we operate are able to see tangible and
long-lasting benefits from our activities. We are particularly
proud to provide employment and training for over 2,000 Sierra
Leoneans. 2012 is significant as we will contribute directly to the
economy of Sierra Leone through payments of royalty and taxes to
the Government of Sierra Leone; and indirectly through our social
development royalty, local employment and local supply chain
initiatives.
As we enter a new phase of operations, construction and
development we are ever more appreciative of the need to minimise
the impact of our operations to the surrounding environment and
communities and to keep our employees safe. We formed a Health,
Safety and Environment committee in 2011, we aim to monitor, report
and improve on health and safety performance over the coming year.
We continue to aim for zero harm and are pleased to report zero
fatalities in 2011.
We were able to strengthen our Board significantly in 2011 with
the appointment of Colin Harris, Benjamin Lee and Luciano Ramos.
Colin has been appointed as an independent Non-Executive Director
and brings extensive mining experience to London Mining, as an
exploration geologist with over 40 years' industry expertise.
Benjamin and Luciano have been vital components of London Mining's
success since joining the Company, including developing and
disposing of our asset in Brazil as well as contributing to the
financing, construction and ongoing operation of Marampa. Their
appointment ensures that the Board is able to benefit fully from
their insights and expertise.
The people, high quality assets and sound financial footing we
now have in place will ensure 2012 will be a year of consolidation
for future growth for London Mining as we continue to deliver our
production ramp-up and finalise our long term growth plans. We are
proud of what we have achieved at Marampa and our other assets in
2011. The Board would like to congratulate Graeme and his team for
their hard work this year and for delivering on our strategic goals
and moving London Mining from a developer to a producer as we build
towards a FTSE listing."
For more information please visit www.londonmining.co.uk or
contact:
London Mining Plc
Graeme Hossie, Chief Executive Officer
Rachel Rhodes, Chief Financial Officer
Thomas Credland, Head of Investor Relations +44 (0)20 7408 7500
Liberum Capital (Nominated Advisor/Broker)
Clayton Bush / Christopher Kololian +44 (0)20 3100 2000
J.P. Morgan Cazenove (Broker)
Neil Passmore / Ignacio Borrell +44 (0)20 7742 4000
Brunswick Group
Carole Cable / Rosheeka Field +44 (0)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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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