UK-based London Mining has announced that it is seeking to obtain US$90 million in finance to speed up production from its Marampa mine located in Sierra Leone.
London Mining is planning to offer ordinary shares to institutional shareholders, targeting to accelerate expansion of the mine to 5 million mt by 2014 instead of 4.6 million mt. According to the company statement, $90 million will be combined with a $45 million offtake pre-payment expected from the expanded production.