UK-based London Mining, a global diversified miner targeting the steel sector, has announced its operational results for the second quarter of 2013, reporting a total sales volume of 1.01 million wet mt of iron ore concentrate, compared to 350,000 wet mt in the second quarter of 2012. The company's iron ore concentrate output in the given quarter amounted to 963,000 wet mt, rising from 397,000 mt in the second quarter of the previous year.
According to London Mining, the ramp-up of its second plant at Marampa mine in Sierra Leone was completed during the quarter, an estimated six weeks ahead of schedule. The company expects to reach a run rate of 5 million mt per year by the end of the current year. Production is now expected at the higher end of previous guidance of 3.3 to 3.6 million dry mt due to the early ramp-up of the first plant and good progress made on the plant upgrade program.
London Mining stated that, as a result of the excellent performance of the second plant, the company has a stockpile approximately equivalent to one month's sales at the end of the half year. Improvements to logistics capability made over the quarter means it is well positioned to deplete the stockpile over the coming months and sales guidance of 3.6 to 3.8 million dry mt is reiterated for 2013.