London Mining’s net loss narrows down in 2013

Thursday, 06 March 2014 15:23:35 (GMT+3)   |   Istanbul
       

UK-based London Mining, a global diversified miner targeting the steel sector, has announced its financial results for 2013, posting a net loss of $24.9 million, compared to a net loss of $107.8 million in the previous year. The company's revenues in the given year amounted to $299.4 million, increasing by almost 2.5 times year on year, on the back of total sales of 3.7 million wet mt of iron ore concentrate from its Marampa operations in Sierra Leone.
 
In 2013, London Mining produced 3.4 million wet mt of iron ore concentrate, increasing by 108 percent year on year. The company said that during the fourth quarter its production was impacted by an extended wet season combined with a longer than expected completion for new plant upgrades.

Considering slower than expected ramp-up of its plant in the first quarter of the current year, London Mining expects iron ore concentrate production from the Marampa operation of between 4.9 and 5.4 million wet mt in 2014.


Similar articles

Iron ore prices drop by over $9//mt week on week, mood remains bad

28 Mar | Scrap & Raw Materials

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials