Aug 23 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
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.