London Mining Plc FINANCING UPDATE (7117T)
08 Octubre 2014 - 1:01AM
UK Regulatory
TIDMLOND
RNS Number : 7117T
London Mining Plc
08 October 2014
London Mining Plc
Quoted on London AIM (LOND)
("London Mining" or the "Company")
8 October 2014
FINANCING UPDATE
Further to the announcement made on 29 September 2014, detailed
discussions are ongoing with potential strategic investors, London
Mining Plc (the "Company") and the Company's bank lender group.
Under the structures currently proposed, the Board believes that
there will be little or no value remaining in the equity of the
Company and the other listed securities of the Group. While the
lenders of the Company remain supportive of the process, they are
not expected to provide any further short term funding which would
be provided by a strategic investor if the discussions are
successful. There can be no certainty at this time on the
likelihood or timing of such an investment.
With the iron ore price at its lowest level since 2009, the
Marampa operations have been put under considerable financial
strain. In addition, the outbreak of Ebola in Sierra Leone has
introduced significant challenges both to the strategic investor
process that the Company began in May, and to the ongoing
operational performance of the business, where our team in Sierra
Leone continue to show exemplary commitment in such adverse
circumstances. The capital that is needed from such an investor is
significant and the proposals currently contemplate funding of the
life of mine expansion and a cash injection into Marampa to allow
the mine to continue operating.
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
About London Mining
London Mining is an expanding producer of high specification
iron ore concentrate for the global steel industry and is focused
on identifying, developing and operating sustainable mines. The
Company is on track to produce c.5Mwmt in 2014, from its 100% owned
Marampa Mine in Sierra Leone, increasing to 6.5Mwmt/a following the
next phase of expansion. Marampa has resources of c.1Bnt to support
a mine life of over 40 years and a staged expansion to 20Mwmt/a of
iron ore production. London Mining has also completed bankable
feasibility studies outlining plans for the development of its
projects in Greenland and Saudi Arabia, with an aggregate JORC
attributable resource of 1,203Mt. The Company listed on AIM on 6
November 2009 and trades under the symbol LOND. More information
about London Mining can be found at www.londonmining.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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