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Iron ore and coal developer and miner London Mining (AIM: LOND) has been admitted to the Alternative Investment Market (‘AIM’) of the London Stock Exchange (‘LSE’) today and will start trading today.
London Mining, which also has a listing on the Oslo Axess market in Norway, announced its intention to list in London in September to boost liquidity and gain exposure to an investor community proficient in mining and a market where the mining sector enjoys extensive research coverage.
In conjunction with the admission, it has placed 37.2 million shares at £1.924 per share with over 30 recognised institutions.
As was previously announced, Liberium Capital Limited will act as nominated adviser and joint broker together with GMP Securities Europe.
Following admission, Caspian Investments, Benbrack Charkit and Naturaliste Holdings will own 18.32%, 4.56% and 1.19% of London Mining respectively.
“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,” said Chief Executive of London Mining Graeme Hossie.
The potential iron ore production capacity of London Mining’s four principal iron ore assets in Sierra Leone, Saudi Arabia, Greenland and China currently amounts to 0.4Mtpa (million tonnes per annum) with London Mining planning to expand it to 14Mpta by 2014 and then to 20Mtpa in 2018.
With a consolidated cash resource of US$230 million, the group believes it is fully funded to reach all of its key milestones, primarily the development of the Marampa Mine in Sierra Leone to the first phase of production, currently slated for next year, as well as its Wadi Sawawin project in Saudi Arabia through to bankable feasibility study due later this year and the Isua project in Greenland through to bankable feasibility study by the end of 2010.
“As we move our principal projects forward and progress our JORC delineation programme we expect to be able to communicate operational progress regularly to the market.
Our objective is to become a mid-tier supplier of bulk commodities to the global steel industry, with a particular focus being directed towards iron ore,” concluded Hossie.
All resource estimates are set to be upgraded to JORC standards within the next nine months, with Marampa tailings and Wadi Sawawin expected to get upgraded to JORC before the end of the current year, while an upgrade of Marampa primary ore and China resources to JORC is expected in the next nine months.
The group also has a number of investments in other iron ore and ore coal development projects.
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