On February 25, UK-based minerals development company London Mining Company provided an update on operations at its four key iron ore projects for the period since December 31, 2009.
Commenting on the report, London Mining CEO Graeme Hossie said, "Today's announcement demonstrates London Mining's ability to deliver on its stated milestones across all its projects."
According to a company press release, following the securing of all the final government approvals, the company commenced construction of the Marampa tailings operation and project infrastructure in Sierra Leone that will have a 1.5 million mt per annum production capacity with a grade of 66 percent Fe. London Mining still expects to start production in Q1 2011 with the first shipment of iron ore concentrate expected in Q2 2011.
As announced in December 2009, following a bankable feasibility study for the Wadi Sawawin project in Saudi Arabia on the basis of a pellet production capacity of 5 million mt per annum, the mine life is revealed as 14 years. London Mining expects that the mine life will be revised to 20 years after further study. The construction is expected to commence in H1 2011 with an expected start-up in H2 2013. London Mining has a 50 percent share in the project together with the state-owned National Mining Company.
In the Isua project in Greenland, a pre-feasibility study has showed the potential for 5 million mt per annum with 23-year life-of-mine, scaleable up to 10 million mt. London Mining plans to undertake a pre-feasibility study on an enlarged operation which it expects to complete during Q2 2010. The project is wholly owned by the company.
The company has also stated that China Global Mining Resources JV (CGMR) mined 1 million mt of iron ore graded 28 percent Fe in 2009. The operation is a JV with equal shares between London Mining and Minneapolis, US-based miner Wits Basin Precious Metals.
The statement also included an update on the company's coal investments DMC and ICC for the same period.