The London Mining Company Acting General Manager in Sierra Leone, Mike McCorkil said in Freetown that his company is worth a little over five hundred million dollars in cash. Speaking during an interview with this press, he said that the company is listed on the Axess Oslo Stock Exchange market in Norway with over half a billion dollars as of October 2007. The company, he further disclosed, raised in 2007 US $125 million in equity and US$60m in debt to finance development and expansion operations to meet the global demand of steel consumption.
Commenting on the operational areas of London Mining Company, Mr.McCorkil stressed, “the company is currently engaged in operational mining, exploration and development in Brazil, Greenland, Mexico and working towards completing feasibility studies on the Wadi Sawawin Project ,Saudi Arabia under a joint venture with the Saudi-based National Mining Company of Saudi Arabia.” He said that the new joint company is known as London Saudi Iron Limited(SLI) and London Mining has 50% shares in it.
Mike McCorKil also said that three of London Mining Company Directors would arrive in Sierra Leone from London on Monday 4th February 2008 and would visit the Marampa iron ore mining sites as the company received mining lease from Tesbaco through the Ministry of mines; and would also have further fruitful discussions on the company with the Government of Sierra Leone before full scale operations could begin.
“The would-be three man delegation would comprise the Non Executive Chairman Dr. Colin Knight, the Managing Director Christopher Brown and Sir Nicholas Bonsar Non Executive Director of London Mining and one time British member of parliament,” he confirmed.
The Country Coordinator of London Mining in Sierra Leone, Mr. Tom Tucker said that the company has almost completed the construction of a bridge worth over US$100,000 to link Pepel Island and the rest of Port Loko District even though the company has not started mining operations yet. He further said, “the company has already employed about 100 young people mainly in the Lokomasama chiefdom as security personnel.”
A mines official who wished to remain anonymous said that London Mining Company so far has no problem with documentation but confronted with administrative bottlenecks related to the much awaited mines Act which likely to be discussed before end of February.”We are however happy that this government is serious in encouraging genuine business concerns to invest in the country”, he opined.
According to youth leader Edison kargbo of lokomasama, “we are happy that London Mining are seriously considering to begin operations soon government is able to give them thye necessary green light”.