UK-based London Mining, a global diversified miner targeting the steel sector, has announced its financial results for the first half of 2014, posting a net loss of $12.6 million, growing from a net loss of $5 million in the corresponding period of the previous year. The company's revenues in the first half this year amounted to $110.6 million, falling 22 percent year on year, with a five percent increase in sales volumes offset by lower market prices.
In the first half, London Mining produced 2.1 million wet mt of iron ore concentrate, increasing by 24 percent year on year. The company said that, while production has not been impacted by the outbreak of the Ebola virus to date, following the end of June London Mining has begun to experience disruption to the supply chain and to a number of services as it optimizes the plant beyond its nominal run rate.
According to London Mining, as a result of a slower than expected ramp-up and Ebola, the company has narrowed its 2014 production guidance to the lower end of the range, based on the current expected level of Ebola-related impact. London Mining expects iron ore concentrate production from the Marampa operation of between 4.9 and 5.1 million wet mt in 2014.
