On March 27, UK-based London Mining, a global diversified miner targeting the steel sector, announced the results of a bankable feasibility study for its Isua Project in Greenland.
The bankable feasibility study considered a 15 million mt per year operation with a 10-year mine life and estimated capital expenditure of US$2.35 billion. Its also estimated a total resource for Isua of 1.1 billion mt grading 32.3 percent iron. This improved result has increased the resource by 10 percent in tonnage from the resource statement announced in March 2011.
Chief executive of London Mining Graeme Hossie said, "The completion of the bankable feasibility study for Isua provides us with the basis to proceed with the permitting and financing process which will in turn allow London Mining to commence construction of the project."