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Iron ore miner London Mining agrees offtake with Cargill
March 6, 2014 / 7:20 AM / in 4 years

Iron ore miner London Mining agrees offtake with Cargill

LONDON, March 6 (Reuters) - Sierra Leone-focused London Mining said on Thursday it signed a five year offtake agreement with commodity trading giant Cargill as it posted core profit below analysts’ expectations.

The company said last year’s EBITDA - earnings before interest, tax, depreciation and amortisation - totalled $54.1 million, below analysts’ consensus of $77 million, according to a Thomson Reuters I/B/E/S poll.

London Mining produced almost 3.4 million tonnes of iron ore last year and it targets further growth in 2014.

The miner said operating costs fell by 21 percent in 2013 to $57 per dry tonne.

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