UK-based
London Mining, a global diversified miner targeting the steel sector, has announced its operational results for the first quarter of the current year. In the first quarter,
London Mining produced 900,000 wet mt of
iron ore concentrate, up 27.5 percent compared to the same quarter of the previous year. The miner's
iron ore concentrate sales in the given quarter amounted to 877,000 mt, rising 48.9 percent year on year.
London Mining said that its production guidance for 2014 remains at 4.9 to 5.4 million wet mt
"As part of an ongoing expenditure review in the current weak
iron ore pricing environment, we have decided to improve financial flexibility by deferring $175 million of capital expenditure for two years. This plan extends the mine life after depletion of tailings through processing of weathered ore, maintaining a 6.5 million wet mt per year rate and continues to lower Marampa's unit operating cost. We expect that the increased free cash flow generated from this capital deferral will allow us to reduce debt and interest costs," said Graeme Hossie, CEO of
London Mining.