Monday, 30 May 2011
London Mining told investors that it remains on target for the third quarter commissioning of the Marampa iron ore mine in Sierra Leone, and the first shipment is expected to leave the mine in the fourth quarter of 2011.
In this morning’s operational update the group said it has made significant progress at Marampa in the year to date. Notable achievements include the completion of environmental permitting in January, securing an off-take deal with Glencore and a JORC resource update to 1 billion tonnes.
It said that phase one construct is more than 60% complete and it has now completed the pre-feasibility study for the 16 million tonne (per annum) phase two expansion.
The group acknowledged that it fell behind schedule because of delays at the Freetown Port which also coincided with public holidays but it said it has cleared the bottleneck and it will use double shifts to make up the lost time.
Meanwhile at the Isua project in Greenland a bankable feasibility study is underway and it is expected to be completed by December 2011.
The company recently completed a JORC resource upgrade which took total resources to 1 billion tonnes and it also updated the scoping study to consider a 15 million tonne per annum operation.
Elsewhere in Colombia London Mining expects first coking coal production in the fourth quarter of 2011. It is currently working on the construction of the first 60 ovens - which will provide 200,000 tonnes of coking capacity.
Worse than expected weather due to La Nina - the counterpart or opposite of the El Nino - effect has led to increased drainage costs and other costs. Also FOREX movements have also had an impact on costs. London Mining said that it currently expects the project CAPEX to be US$34 million. (sourced proactiveinvestors)
London Mining told investors that it remains on target for the third quarter commissioning of the Marampa iron ore mine in Sierra Leone, and the first shipment is expected to leave the mine in the fourth quarter of 2011.
In this morning’s operational update the group said it has made significant progress at Marampa in the year to date. Notable achievements include the completion of environmental permitting in January, securing an off-take deal with Glencore and a JORC resource update to 1 billion tonnes.
It said that phase one construct is more than 60% complete and it has now completed the pre-feasibility study for the 16 million tonne (per annum) phase two expansion.
The group acknowledged that it fell behind schedule because of delays at the Freetown Port which also coincided with public holidays but it said it has cleared the bottleneck and it will use double shifts to make up the lost time.
Meanwhile at the Isua project in Greenland a bankable feasibility study is underway and it is expected to be completed by December 2011.
The company recently completed a JORC resource upgrade which took total resources to 1 billion tonnes and it also updated the scoping study to consider a 15 million tonne per annum operation.
Elsewhere in Colombia London Mining expects first coking coal production in the fourth quarter of 2011. It is currently working on the construction of the first 60 ovens - which will provide 200,000 tonnes of coking capacity.
Worse than expected weather due to La Nina - the counterpart or opposite of the El Nino - effect has led to increased drainage costs and other costs. Also FOREX movements have also had an impact on costs. London Mining said that it currently expects the project CAPEX to be US$34 million. (sourced proactiveinvestors)
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