Home » London Mining To Spend $40 Million On Iron-ore Mine Expansion

London Mining To Spend $40 Million On Iron-ore Mine Expansion

The company, which produced 1.5 million tons of the steel-making ingredient in the first six months of the year, will spend $40 million in 2014 to expand output, it said in a statement today. London Mining will spend another $240 million in 2015 and 2016 to extend the life of its Marampa mine. Overall the project economics are better than we (and we think consensus) expected and this announcement builds on the positive operational momentum seen over the past year, Credit Suisse Group AG said in a note to investors today. London Mining has focused on developing the Marampa mine after selling a Brazilian iron-ore project to ArcelorMittal for $810 million in 2008. The company said today that the mine had reserves to operate for more than 40 years and produce iron ore at $42 to $45 a ton. London Mining rose as much as 14 percent, the steepest intraday gain since Aug. 22, and advanced 8.2 percent to 122 pence by 9:08 a.m. in London. African Minerals Ltd. (AMI) is the biggest iron-ore miner in Sierra Leone. To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomberg.net To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

Winless Steelers will head to London in search of a victory

By the time the Steelers arrive in London, they will have less than 48 hours to overcome jet lag and try to turn around their season. It isnt ideal, Tomlin said, but it beats the alternative. I value normalcy in the early portions of the week from a preparation standpoint and from a practice standpoint use of our facilities, the comforts of home if you will, Tomlin said. Even if home isnt exactly comfortable these days. Pittsburgh is off to its worst start since 2000 after falling to Chicago on Sunday night. While the beleaguered offense took a major step forward in piling up 458 yards the teams highest total in four years the Steelers also had five turnovers. Ben Roethlisberger threw two interceptions and fumbled twice, with two of the miscues leading to defensive touchdowns. The Steelers minus-9 turnover margin is tied with the Giants for the worst in the league. Tomlin doesnt like to lay blame in any one place, but allowed that Roethlisberger needs to keep himself and his team out of situations that lead to mistakes. I expect Ben to be better, Ben expects himself to be better, Tomlin said. Well continue to work to do that. A more productive running game would help. The Steelers actually took a significant step forward against the Bears, rushing for a season-high 80 yards, including a 25-yard burst from recently reacquired Jonathan Dwyer.