UK-based London Mining, a global diversified miner targeting the steel sector, has announced that it has revised down its production guidance for 2013 to 3.3 to 3.4 million wet mt from 3.6 to 3.9 million wet mt, due to a negative stockpile adjustment to fourth quarter production, slower-than-expected completion of the processing plant upgrades, and reduced production due to continued effects from the wet season.
As of November 30, production for 2013 had reached 3.1 million wt mt, with sales of 3.3 million wet mt. The effects of the wet season at the Marampa mine in Sierra Leone continued into the fourth quarter with lower mining rates causing full depletion of the run of mine stockpile. This significantly impacted the company's ability to feed the processing plant with the appropriate ore blend on a consistent basis.
