UK-based London Mining, a global diversified miner targeting the steel sector, has announced its financial results for 2012.
London Mining registered a net loss of $107.8 million in 2012, compared to a net loss of $60 million in 2011. The company's revenues amounted to $120.6 million, on total sales of 1,191,000 dry mt of iron ore concentrate.
London Mining stated that it achieved its 2012 production target of 1.5 million dry mt at its Marampa operations in Sierra Leone. The company saw over 1.2 million wet mt of sales at Marampa. London Mining expects production to be between 3.3 and 3.6 million dry mt in 2013, while sales are anticipated between 3.6 million dry mt and 3.8 million dry mt.
According to London Mining, operating costs were $77 per dry mt in 2012 and are on target to fall to $50 per dry mt once the expansion to 5 million mt per year is completed. Meanwhile, the capital expenditure to complete the initial 5 million mt per year operation has increased from $320 million to $340 million.
