London Mining reports smaller loss, forecasts surge in 2013 output

March 21 Thu Mar 21, 2013 3:51am EDT

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March 21 (Reuters) - London Mining Plc reported a smaller full-year loss, helped by higher production at its Marampa mine in Sierra Leone, and said it expected production from the mine to more than double in 2013.

The company said it expected to produce between 3.3 million and 3.6 million dry metric tonnes in 2013, and forecast sales in the range of 3.6 million to 3.8 million dry metric tonnes.

London Mining said its plan to expand capacity at Marampa to 5 million tonnes per year was on track to be achieved by the end of 2013.

The loss before interest, tax, depreciation and amortisation narrowed to $14.2 million in the year ended Dec. 31 from $36.4 million a year earlier.

Full-year production of 1.63 million wet metric tonnes, or 1.52 million dry metric tonnes, was ahead of its target of 1.5 million dry metric tonnes, the company had said in January.

London Mining shares, which have halved in value over the past year, closed at 134.5 pence on Wednesday on the London Stock Exchange.

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