UK-based London Mining, a global diversified miner targeting the steel sector, has announced its financial results for 2013, posting a net loss of $24.9 million, compared to a net loss of $107.8 million in the previous year. The company's revenues in the given year amounted to $299.4 million, increasing by almost 2.5 times year on year, on the back of total sales of 3.7 million wet mt of iron ore concentrate from its Marampa operations in Sierra Leone.
In 2013, London Mining produced 3.4 million wet mt of iron ore concentrate, increasing by 108 percent year on year. The company said that during the fourth quarter its production was impacted by an extended wet season combined with a longer than expected completion for new plant upgrades.
Considering slower than expected ramp-up of its plant in the first quarter of the current year, London Mining expects iron ore concentrate production from the Marampa operation of between 4.9 and 5.4 million wet mt in 2014.
