London Mining Plc first-half loss narrows

Thu Aug 23, 2012 3:22am EDT

Aug 23 (Reuters) - Iron ore miner London Mining Plc reported a narrower core loss for the first half, benefiting from its Sierra Leone mine that began shipping ore earlier this year.

The Marampa mine produced 670,000 dry metric tonnes in the first half and said it was on track to produce 1.5 million tonnes for the full year.

Loss before interest, tax, depreciation and amortisation narrowed to $2.6 million from $20.5 million a year earlier.

The company, which produces high-quality ore suitable for Europe, started production in Sierra Leone last December.

It is also developing two other iron ore mines in Saudi Arabia and Greenland, as well as a coking operation in Colombia.

Miners across the board have been facing weaker prices for iron ore, copper, coal, nickel and aluminium as economic growth in big-buyer China slows this year to what is expected to be its weakest pace in more than a decade.

London Mining shares, which have lost about 45 percent of their value since the beginning of this year, were up 4 percent at 173.25 pence at 0702 GMT on Thursday.

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