London Mining remains on track to hit 2012 production target at MarampaReported by Proactive Investors on Thursday, 24 May 2012 (on May 24, 2012)
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*London Mining (LON:LOND)* said remains on track to achieve its full year target of 1.5 million tonnes per annum of iron ore concentrate at the Marampa mine in Sierra Leone.
The company said today that it has made a positive start to 2012, having produced 300,000 dry metric tonnes of iron ore in the first quarter and shipped over 230,000 dry metric tonnes to Europe and China as the logistics from mine to ship proved to work as designed.
Since the end of the period, London Mining has reached a run rate of 4,300 tonnes per day, which is in line with its ramp up plans and keeps it on track to meet its full year production guidance.
Meanwhile, expansion works at the first plant have continued apace, while the company has started works for the second plant, which should ensure that production capacity at Marampa reached 1.5 Mt this year, 4.2 Mt in 2013 and 5 Mt in 2014.
Work on the bankable feasibility study for a further expansion to 9 Mtpa is expected to be completed in the third quarter of this year.
At its La Nina coking facilities, London Mining continues to aim for its annual target of a production capacity of 200,000 tonnes in the first phase.
“The people, high quality assets and sound financial footing we now have in place will ensure 2012 will be a year of consolidation for future growth for London Mining as we continue to deliver our production ramp-up and finalise our long term growth plans,” said deputy chairman of London Mining Nicholas Bonsor.
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