Officials of London Mining have stated that recent share purchases by some of the world’s pre-eminent international investment funds BlackRock, UBS Investment Bank, and Fidelity, demonstrate a strong belief in the iron ore producer,London Mining and its ability to deliver.
With developments in Greenland, Saudi Arabia and Colombia, London Mining enjoys international success, but as stated by leading multi-media news organization, Proactive Investors, “the biggest change has been the stellar growth of potential at the Marampa mine site in Sierra Leone”.
Taking their ownership of the company to over 15%, these transactions are strong endorsement of London Mining and its flagship Sierra Leone operations by the international investment community.
This lends support to Chief Executive, Graeme Hossie’s observation that London Mining “sees our pioneering commitment and successful operations in Sierra Leone as an example to attract further international capital for the country’s industrial and economic development”.
In addition to recent news that London Mining will be able to ramp up its iron ore production, this development spells good news for Sierra Leone. A pre-feasibility study on the expansion of the Marampa project recently completed by a team of international consultants, has shown that the second phase of the mine’s restart could produce eight million tons of ore annually by 2014, doubling over time to 16 million tons, combined with the predicted life of the mine being extended until 2036, London Mining will be a major revenue producer for Sierra Leone for years to come.
In operation from 1933 to 1975, the Marampa Mine had at its previous peak, produced only 2.5 million tons of ore.
By Poindexter Sama