UK-based London Mining, a global diversified miner targeting the steel sector, has announced its financial results for the first half of 2012.
Accordingly, in the first half of the current year London Mining recorded a reduced loss before interest, tax, depreciation and amortization of $2.6 million, compared to $20.5 million in the first half of 2011. In the first six months, the company gained revenues of $57.7 million from its Marampa operations located in Sierra Leone.
In the given period, 670,000 mt of iron ore was produced at Marampa mine, while sales from the mine reached 559,000 mt. According to London Mining's statement, sales have ramped up in line with production over the first half through its guaranteed off-take agreement with international commodities trader Glencore.