London Mining Plc SETTLEMENT OF LITIGATION WITH WITS BASIN (6674X)
February 12 2013 - 2:01AM
UK Regulatory
TIDMLOND
RNS Number : 6674X
London Mining Plc
12 February 2013
London Mining Plc
Quoted on London AIM (LOND LN)
("London Mining" or the "Company")
12 February 2013
SETTLEMENT OF LITIGATION WITH WITS BASIN
London Mining has reached a settlement agreement with Wits Basin
Precious Minerals, Inc. regarding previously disclosed litigation
between the companies pertaining to their joint venture company,
China Global Mining Resources (BVI) Limited (CGMR). Under the terms
of the settlement arrangements, the parties have agreed to dismiss
all claims against each other and end their joint venture
relationship. Both companies have agreed to a mutual,
unconditional, full and final release of any and all claims between
them, no cash is payable by either party to the other and London
Mining has agreed to transfer its interest in CGMR to Wits
Basin.
London Mining has previously written the asset down to zero
value. The asset has been subject to various claims on it by local
Chinese parties, and the termination of the joint venture with Wits
Basin with no further obligations or liabilities allows London
Mining to focus on its core assets, save on legal costs and bring
an end to litigation on an asset that the Company believes has no
value.
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)
Ignacio Borrell / Ben Davis +44 (0)20 7742 4000
Brunswick Group LLP
Carole Cable / Rosheeka Field +44 (0)20 7404 5959
About London Mining
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 mines in Greenland and Saudi Arabia.
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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