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Thursday, October 6, 2011

London Mining CEO confident on Sierra Leone

Thu Oct 6, 2011

LONDON Oct 6 (Reuters) - Iron ore developer London Mining Plc said it is confident about operating successfully in Sierra Leone, amid growing global resource nationalism in the mining industry, because the country is keen to bring in foreign investment.

"The government are completely behind developing Sierra Leone's prosperity. They understand that Sierra Leone needs foreign capital to develop its industries, particularly the resource industries," Chief Executive Graeme Hossie told Reuters on Thursday.

London Mining, along with rival AIM-listed iron ore group African Minerals Ltd , both expect to ship their first iron ore from Sierra Leone this year.

The West African country is due to hold a presidential election next year, a decade after the end of a bloody 11-year civil war, in what will be seen as a bellwether of recovery.

"They want to show some examples of success and they want to attract capital into the oil exploration field because offshore oil has been found and that requires a huge amount of investment," said Hossie.

"They want to make sure they don't do anything that will scare off international investors."

(sourced Reuters)

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