London Mining takes to AIM and unveils ambitious production plans
06 November 2009
London Mining, the iron ore project developer, joined London’s AIM market this morning as part of a plan to boost both its liquidity and exposure as it aims to become a mid-tier supplier to the global steel industry.
The company didn’t raise any money for itself as part of the listing, and it remains quoted on Oslo’s Axess market for the time being. However, selling shareholders ensured that 37.2m shares were injected into the market at 192p, which were snapped up by 30 recognised institutions.
London Mining has four main production and development iron ore assets in Sierra Leone, Saudi Arabia, Greenland and China. It reckons it can boost iron ore production from those assets from 0.4 million tone per year (mtpa) in 2009 to 14mtpa in 2014 and to in excess of 20mtpa in 2018.
In August 2008 the company sold its Brazilian operations to ArcelorMittal for US$810 million after 16 months of ownership and US$32 million spent on increasing the resource. It is understood to still be sitting on US$ 230 million of cash.
Graeme Hossie, London Mining’s chief executive, said: “London Mining's admission to AIM, combined with today's placing of shares into the market from pre-existing shareholders gives us both the liquidity and exposure we need in a market that understands mining.”
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