Publications
Partners
London - London Mining Plc raised quarterly production at its iron ore mine in Sierra Leone after upgrading a processing plant and said it expects to find a strategic partner by the end of the year.
Iron ore production at the Marampa mine rose 21% in the second quarter. London Mining reiterated its full-year 2014 production target of 4.9 million to 5.4 million wet tonnes of iron ore concentrate.
The company has previously announced its intention to divest a minority stake in Marampa to help accelerate expansion of the mine.
"We ... intend to deliver a positive outcome for shareholders from our strategic partner process before the end of 2014," chief executive Graeme Hossie said in a statement.
Iron ore miners worldwide have been hit by weakening prices, even as major producers like Rio Tinto and Vale SA ramp up output and cut costs.
London Mining said it was in talks with banks to secure a short-term $25m loan and that it had drawn down a $17.5m loan from Swiss trader Vitol as part-payment on 500 000 tonnes of future exports.
The company, which started shipping ore from Marampa mine in 2011, produced 1.17 million wet metric tonnes in the second quarter.
It said it did not expect an outbreak of the Ebola virus to affect production at Marampa. Preventative measures, including isolation and screening facilities, have been put in place after an outbreak of the deadly virus in eastern Sierra Leone.
