London Mining Plc is a UK-based company that is developing mines for the steel industry. It has a 50:50 joint venture on the Wadi Sawawin porject in Saudi Arabai, 100% of the Isua magnetite iron ore project in Greenland, 100% of the defunct Marampa specular hematite iron ore mine in Sierra Leone,a 54% interest in an magnetite iron ore mine in Mexico and is acquiring 50.1% of coal assets in Africa. The Company listed on the Oslo Stock Exchange on 9th October 2007.
The Isua deposit in Greenland contains JORC resources of just under one billion tonnes of magnetite iron averaging 34% Fe that can be upgraded through simple crushing, milling, magnetic separation and flotation to produce a concentrate with over 71% Fe with very low impurities. London Mining intends to conduct a feasibility study on an 11Mtpa open pit mining operation producing 5Mtpa of concentrate.
The Marampa mine in Sierra Leone commenced mining lump ore for the European markets in 1933 by the Sierra Leone Development Company, and was mining over 2.5Mtpa in the 1970's, but closed down in 1975 due to low world prices for iron ore. Austromineral GmbH, a subsidiary of the Austrian state-owned firm of Voest-Alpine AG, operated the mine and a tailings retreatment operation between 1981 and 1985. Between 45Mt and 50Mt of tailings remain, and it is London Mining’s intention to complete a bankable feasibility study on re-treating these tailings, as well as re-commencing open pit mining operations on approximately 100Mt of resources remaining in the area. Considerable infrastructure still exists, including a 3,000t/hr ship loader at Pepel and a disused rail line between Marampa and Pepel, as well as a sealed highway from Marampa to Freetown. Mexico (54%)
The El Artillero magnetite exploration deposit is 60km by road east of Manzanillo on the pacific coast of Mexico in Colima State. Magnetite grab samples assayed averaged of 63.9% Fe. The deposit will be drilled and a mine feasibility study conducted.