UK-based
London Mining has announced its financial results for 2011, reporting that 2011 was "a milestone year".
Accordingly,
London Mining has posted an operating loss of $41.9 million for 2011, compared to the operating loss of $32.4 million in the previous year. In the given year, the loss before interest, tax, depreciation and amortization increased to $40.5 million mainly due to the bringing of the Marampa mine in
Sierra Leone into operation and increased corporate costs.
London Mining stated that 2011 was a milestone year since the company switched to being a producer at the Marampa mine from being a developer. In December 2011, the company started production at the mine, with the first
iron ore shipment completed on February 1.