Jan 23 Iron ore miner London Mining Plc
said full-year production beat its expectations, helped by
increased productivity in the fourth quarter, and added that it
was on track to expand capacity at its Sierra Leone mine.
Fourth-quarter production at Marampa, London Mining's only
producing mine, rose 46 percent over the preceding quarter to
546,000 wet metric tonnes.
Marampa performed very well in the fourth quarter due to the
hiring of a new mining contractor and improvement in plant
availability and recoveries, the company said.
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.
London Mining said it placed its coking operation in
Colombia under care and maintenance, to focus on its core iron
The company, which is developing two other iron ore mines in
Saudi Arabia and Greenland, said its plan to expand capacity at
Marampa to 5 million tonnes per year by the third quarter was on
London Mining shares closed at 159.5 pence on the London
Stock Exchange on Wednesday. They fell 40 percent last year.