London Mining Plc LONDON MINING PLC TO ENTER ADMINISTRATION (5395U)

TIDMLOND

RNS Number : 5395U

London Mining Plc

16 October 2014

London Mining Plc

Quoted on London AIM (LOND)

("London Mining" or the "Company")

16 October 2014

LONDON MINING PLC to enter ADMINISTRATION

Following a longer than expected period of negotiations between the senior lenders and the potential acquirers of the Marampa mine, as well as a lack of liquidity due to the dramatic fall in iron ore prices, the Board has decided that it must now place London Mining PLC into administration. The Board and management will be working with the administrator of London Mining PLC to maintain the Marampa mine as a going concern, although at this time this is not confirmed.

Graeme Hossie, Chief Executive of London Mining, said: "Since first entering Sierra Leone in 2005, London Mining has established substantial operations at Marampa having brought back commercial mining and related economic activity to the region after 40 years. I salute all our employees for their dedication and contribution in creating what is now an important part of Sierra Leone's economy and ongoing development. I also applaud them for the ongoing leadership role our team has played within the private sector in Sierra Leone in helping address the challenges of the current Ebola crisis. The Marampa mine retains excellent fundamentals and it is our sincere wish for it to find the appropriate financial support to continue operating over the longer term."

For more information please contact:

 
 London Mining Plc 
  Graeme Hossie, Chief Executive Officer 
  Benjamin Lee, Chief Financial Officer 
  Thomas Credland, Head of Investor Relations    +44 (0)20 7408 7500 
 
   Liberum Capital (Nominated Adviser/Broker) 
   Richard Crawley / Tom Fyson                     +44 (0)20 3100 2000 
 J.P. Morgan Cazenove (Broker) 
  Ben Davies / Ignacio Borrell                   +44 (0)20 7742 4000 
 Buchanan 
  Bobby Morse / Louise Mason                     +44 (0)20 7466 5000

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGGGAPUUPCGAQ

London Mining (LSE:LOND)
Historical Stock Chart
From Nov 2024 to Dec 2024