London Mining Agreement

London Mining is an expanding producer of high specification iron ore for the global steel industry and  is  focused  on  identifying,  developing   and operating sustainable mines. London Mining commenced sales from the Marampa mine in Sierra Leone in 2012 and expects   to  reach   production capacity of 5Mtpa in 2013. A prefeasibility study was completed in 2011 which shows that Marampa has resources to support a  staged   expansion   to  over 16Mtpa. London Mining has also completed bankable feasibility studies outlining plans for a further 20Mtpa of iron ore production by developing two other mines in Greenland and Saudi Arabia. In   addition   London   Mining is producing from a coke  operation  with  coking  coal  resource  potential in Colombia. The Company listed on London AIM on 6 November 2009.

Wits Basin owns the Bates-Hunter Gold Mine in Central City, Colorado. Discovery of gold at the Bates-Hunter Mine in 1859 kicked off the Colorado gold rush and established Denver as a major American city. All mines in the area went dormant in 1936. This mining district has historically produced more than 4 million ounces of gold. Twenty-five percent (25%) of all the gold mined came from the area immediately surrounding the Bates-Hunter mine. Wits Basin’s property controls the 15 principal veins underlying the mine

London Mining is pleased to announce that it has signed a letter of intent with Wits Basin Precious Minerals, Inc. (“Wits Basin”) which may result in London Mining becoming a 50/50 joint venture partner for Wits Basin‘s iron ore project in Ma Anshan in the People’s Republic of China. The potential transaction remains subject to due diligence and finalisation of definitive legal documents.

Flooding are the most common form of natural disaster in the UK and are now part and parcel of the British winter months; widespread flooding happens at least once a year in the UK. Earlier this year, torrents of rain hit the UK, with Cumbria the worst-affected area; heavy, prolonged rainfall caused bridges and road networks to collapse and four people lost their lives. In 2007, Yorkshire was hit hard by floods and some people are still recovering from the destruction caused by the floods three years later; the floods killed six people and left hundreds of people homeless and thousands without electricity.

London Mining

London Mining has total iron ore resources of 2.2 billion tonnes with targeted production of over 30Mtpa of high grade concentrates planned from its projects in Sierra Leone, Greenland and Saudi Arabia. Our strategy is to provide a viable alternative to the diversified miners and upstream integration by selecting assets with unique competitive advantages and high margin potential in countries with a national interest in mining.

Disruption caused from a serious flooding could result in losses for the UK as a whole, notably the tourism industry, as London is not only a popular destination but a stopover for people traveling the country.

Flooding are the most common form of natural disaster in the UK and are now part and parcel of the British winter months; widespread flooding happens at least once a year in the UK. Earlier this year, torrents of rain hit the UK, with Cumbria the worst-affected area; heavy, prolonged rainfall caused bridges and road networks to collapse and four people lost their lives. In 2007, Yorkshire was hit hard by floods and some people are still recovering from the destruction caused by the floods three years later; the floods killed six people and left hundreds of people homeless and thousands without electricity.
London Mining ("London Mining" or the "Company") announces that China Global Mining Resources Limited ("CGMR"), a subsidiary of the China Global Mining Resources (BVI) Limited joint venture (“JV”) which is held 50:50 with Wits Basin Precious Minerals Inc (“Wits Basin”), has received a claim regarding the payment of the deferred consideration for the purchase of the Sudan processing plant.  The claim is to be determined through arbitration.  CGMR is in discussions with the sellers of the plant regarding this claim and a resolution (either by agreement of through arbitration) is expected in the next 6 months.  The Sellers have no legal or commercial recourse to London Mining or any subsidiary other than the CGMR JV with respect to this claim.  

Disruption caused from a serious flooding could result in losses for the UK as a whole, notably the tourism industry, as London is not only a popular destination but a stopover for people traveling the country.Disruption caused from a serious flooding could result in losses for the UK as a whole, notably the tourism industry, as London is not only a popular destination but a stopover for people traveling the country.

London Mining Latest Announcements

London Mining is incorporated and registered in the UK, and is developing mines to supply the global steel industry. The Company has operational mining, exploration and development projects located in Sierra Leone, Saudi Arabia, Greenland, Mexico and South Africa, and has total iron ore resources of 1.3 billion tonnes containing an estimated 459 million tonnes of iron. In 2007, London Mining raised over US$185 million to advance iron ore production from its projects, and listed on the Oslo Axess, a marketplace regulated by the Oslo Stock Exchange on 9 October 2007. In August 2008 London Mining sold its Brazilan operation to Arcelor Mittal for US$810 million and announced a return to shareholders of US$427 million with the balance of funds received allocated to existing and new projects. London Mining is trading under the Reuters symbol LOND.OL and Bloomberg symbol LOND:NO.

Wits Basin is a minerals exploration and development company holding interests in three exploration projects and currently does not claim to have any mineral reserves on any project. Its common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." To find out more about Wits Basin Precious Minerals Inc. 

London Mining ("London Mining" or the "Company") announces that China Global Mining Resources Limited ("CGMR"), a subsidiary of the China Global Mining Resources (BVI) Limited joint venture (“JV”) which is held 50:50 with Wits Basin Precious Minerals Inc (“Wits Basin”), has received a claim regarding the payment of the deferred consideration for the purchase of the Sudan processing plant.  The claim is to be determined through arbitration.  CGMR is in discussions with the sellers of the plant regarding this claim and a resolution (either by agreement of through arbitration) is expected in the next 6 months.  

London Mining

London Mining secured an option to acquire the mining rights at the Marampa mine in December 2005. After securing funding, London Mining was able to exercise the option in January 2006 and in September 2006 the Marampa mining lease was assigned to LMC, a 100% subsidiary of London Mining. The Marampa mine recommenced production in December 2011.

London Mining is developing Marampa in stages. The current operation will be expanded to a capacity of 5Mtpa of high quality sinter concentrate in 2013 with the resource able to support a mine life of over 30 years at this rate.  A bankable feasibility study outlining an expansion to 9Mtpa was completed in Q4 2012.

CGMR intends to defend this claim to the fullest extent and is also pursuing various claims and counterclaims that it believes it has against the Sellers for their non-compliance with the acquisition terms, including a claim for US$15 million for breach of contract.

London Mining acquired a 50% interest in China Global Mining Resources (BVI) Limited (“CGMR BVI”) in April 2009.  The remaining 50% interest is held by Wits Basin Precious Minerals Inc.  Also in April 2009, CGMR BVI, through its Hong Kong Subsidiary, CGMR, in turn completed its acquisition of the producing Xiaonanshan iron ore open pit mine and the Sudan concentrate processing plant through the acquisition of the two PRC companies Maanshan Xiaonanshan Mining Co. Ltd and Nanjing Sudan Mining Co. Ltd. 

London Mining Venture

London Mining has total iron ore resources of 2.2 billion tonnes with targeted production of over 30Mtpa of high grade concentrates planned from its projects in Sierra Leone, Greenland and Saudi Arabia. London Mining's strategy is to provide a viable alternative to the diversified miners and upstream integration by selecting assets with unique competitive advantages and high margin potential in countries with a national interest in mining. For example:

Marampa (Sierra Leone) has a short lead time to production and is located in a region of significant geological potential

Isua (Greenland) will produce a high quality magnetite concentrate

Wadi Sawawin (Saudi Arabia) benefits from a low energy costs and a significant supply gap in the Middle East and North Africa region

London Mining acquired a 50% interest in China Global Mining Resources (BVI) Limited (“CGMR BVI”) in April 2009.  The remaining 50% interest is held by Wits Basin Precious Minerals Inc.  Also in April 2009, CGMR BVI, through its Hong Kong Subsidiary, CGMR, in turn completed its acquisition of the producing Xiaonanshan iron ore open pit mine and the Sudan concentrate processing plant through the acquisition of the two PRC companies Maanshan Xiaonanshan Mining Co. Ltd and Nanjing Sudan Mining Co. Ltd. 

 XNS holds a licence incorporating two further adjacent operating mines (Sanbanqaio and Guqaio) and is undertaking a programme of resource definition and mine planning to consolidate the three mines into a single operation.  CGMR signed a non-binding memorandum of understanding to acquire the neighbouring Sanbanqaio and Guqaio mines in August 2009, and has been conducting due diligence regarding such acquisition.  Completion of any such acquisition requires CGMR to raise external finance.

London Mining:Iron Ore

Iron Ore Division Overview

London Mining has total iron ore resources of 2.2 billion tonnes with targeted production of over 30 Mtpa of  high  grade concentrates planned  from its  projects in Sierra Leone, Greenland and Saudi  Arabia. Our strategy is to provide a viable alternative to the diversified miners and upstream integration by selecting assets with unique competitive advantages and high margin potential in countries with a national interest in mining. For example:
Marampa (Sierra Leone) has a short lead time to production and is located in a region of significant geological potential
Isua (Greenland) will produce a high quality magnetite concentrate
Wadi Sawawin (Saudi Arabia) benefits from a low energy costs and a significant supply gap in the Middle East and North Africa region

London Mining is to recieve a direct interest of 25% in the Wadi Sawawin project through its joint venture partner in the project National Mining Company (NMC). NMC holds the historical exploitation licence for the Wadi Sawawin project and three adjacent exploration licences. 

London Mining is producing from its Marampa Mine in Sierra Leone and developing two other iron ormines in Saudi Arabia and Greenland as well as a coking operation in Colombia.

London Mining:Sustainability

At London Mining we continue to develop our mining assets, we are ever more aware of how important sustainability is to our operations. It is at the heart of how we develop a lasting business, make a long term contribution and deliver value.

We are looking to the future and how we will live and work together with the communities and organisations around our operations now and in the years ahead.London Mining recognise the importance of exploring fully all the options that will enable us to meet our long term responsibility for our resources and surroundings. This genuine commitment to sustainability is a key part of the way we will contribute, endure and prosper.

The purpose of his role is to develop a Group-level sustainability vision, framework and governance process. The framework will enable us to provide greater oversight and, in turn, control of our resources at both corporate and project levels. It will also increase our ability to predict and deal with both risk and opportunity, while maintaining the drive and focus of the individuals and teams around the world.