Graeme Hossie, Chief Executive of London Mining said: "We have completed another important step in the ongoing development of London Mining and are pleased to have the continued support of our existing lenders after comprehensive due diligence of our current operations and life of mine feasibility study for Marampa. Through implementing our strategy to expand to a 6.5Mwmt/a (6Mdmt/a) operation by the end of 2014 with life of mine operating costs of USD39/wmt to USD42/wmt (USD42/dmt to USD45/dmt) we expect to be well positioned to deliver a sustainable 40 year operation and strong returns to shareholders. Financing of this strategy will have been achieved, upon completion, with no material increase in total debt and no further dilution of existing shareholders."
Iron Ore price holding up better than we thought it would a few months ago but LOND is well hedged at these levels anyway. The low sp is perplexing given all the good news coming out of the company of late. It seems the market is in denial with LOND but that should change when we get the 2013 results and 2014 projections showing we are currently trading at a p/e of about 3!
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