Company Information for London Mining Plc

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Company Statement

London Mining is focused on identifying, developing and operating scaleable mines to become a mid-tier supplier to the global steel industry. Its four principal assets in Sierra Leone, Saudi Arabia, Greenland and China all have deliverable production with potential for expansion. The Company listed on the Oslo Axess on 9 October 2007 and on AIM in London on 6 November 2009. It trades under the symbols LOND.L and LOND.NO (Reuters) and LOND LN and LOND NO (Bloomberg).

Current Operations

IRON DIVISION
First production targeted 2009 and building significant raw and processed iron supply for 2012.

Sierra Leone
The Marampa mine is a brownfields site formerly operated by the Sierra Leone Development Company (DELCO) and William Baird between 1933 and 1975. Marampa reached a peak production of  2.5mtpa before low iron ore prices forced its closure. Continuing weak market economics and civil war prevented redevelopment of the mine until the mining licence was acquired by London Mining in 2006.

London Mining plans production of 1.5mtpa from existing tailings within 12-18 months of a construction decision being made. An expansion to 3mtpa based on the hard rock portion of the resource is anticipated to be funded by incremental cash flow. London Mining is in discussions with the Government of Sierra Leone to ratify the licence area and agree financial incentives. London Mining plans to fast track the project by implementing a transport solution using trucks (40km) barges (60km) and floating cranes to load handymax, panamax or capesize ships.

Saudi Arabia (50%) JV Partnership
London Mining Plc has formed a joint venture company, Saudi London Iron Ltd ('SLI'), with Saudi-based National Mining Company ('National Mining'), owned 50% each, to develop the Wadi Sawawin iron ore project near the west coast of Saudi Arabia. Saudi London Iron plans to create a 3 million tonne per annum iron ore mining and pelletizing operation to produce high grade pellets.
Feasibility and market study completed February 2009: 

• First phase (5mtpa DR pellet) Wadi Sawawin project proved feasible
• Project economics indicate NPV of USD 1.6 billion, with capex of USD 1.8 billion
• Early funding commitment from Saudi partners would allow production in 2012
• External market study commissioned on Middle East region indicates significant supply gap for DR pellets over the next 10 years and strong long term economic growth prospects supporting potential project expansion up to 20 mtpa.

Greenland
The Isua project (sometimes referred to as the Isukasia project) is located approximately 140km northeast of Nuuk (the capital city of Greenland) and about 155km south of the Arctic Circle, at latitude 65O12’N and longitude 49O 47W. It is about one hour’s helicopter flying time from Nuuk and one and half hour’s helicopter flying time from Kangerlussuaq.

The Isua deposit is made of a magnetite-rich banded iron formation, intruded by basaltic and dolerite dykes and sills, with agreenstone schist on the footwall and quartzite on the hanging wall. In January 2006, IMC Group Consultants Ltd (IMC) estimated JORC indicated-inferred resources of 955Mt averaging 34% Fe, including an indicated-inferred open pit resource of 181Mt averaging 33.43% Fe.

A feasibility study on a 15Mtpa open pit mining operation (including waste), 11Mtpa concentration plant producing 5Mtpa of high grade pellet feed concentrates, transported 110km by slurry pipeline to ice-free deepwater port location  and onward shipment by 150-300,000DWT bulk carriers to third party pelletising plants.  Examination under way regarding co-development of Isua with LM’s Saudi Arabia project. London Mining is examining the economics of shipping iron from Isua to the Saudi pelletising plant due to be established there under existing JV conditions with National Mining Company of Saudi Arabia.

China – Iron Ore Joint Venture
London Mining has entered into an agreement with Wits Basin Precious
Minerals Inc ("Wits Basin") to become a joint venture partner for iron ore projects in the People’s Republic of China ("PRC"). Under the subscription agreement it has agreed to subscribe USD 39.25 million for 50% of the shares in the joint venture company, China Global Mining Resources (BVI) Limited ("CGMR BVI").  CGMR intends to complete an acquisition of an operating iron ore mine and processing facilities near Ma’anshan with significant expansion and operating cost reduction potential.  The mine sells to multiple steel customers from the mine gate.

COAL DIVISION

South Africa
In August 2008, London Mining entered into a conditional agreement to acquire a 28% holding of DMC Energy Pty Ltd, a South African company which will hold a number of coal assets in Southern Africa. London Mining also holds certain rights to increase its participation via further staged investment as well as certain anti-dilution and control provisions as a significant shareholder. DMC are expected to release the feasibility results for their 70% owned Rietkiel project by the end of 2009.

Colombia
In September 2008 London Mining purchased of 20% of International Coal Company Ltd (“ICC”).

ICC has operations in Colombia, South America. The company’s focus has been on acquiring concession interests in metallurgical coal districts in Colombia with good logistics and access to transportation infrastructure for the seaborne market

Geographical Spread

Sierra Leone

Greenland

Saudi Arabia

China

South Africa

Colombia

Board of Directors and Key Management

Dr Colin Knight	Non Executive Chairman
Graeme Hossie	Managing Director
Luciano Ramos	COO of London Mining's Iron Ore division
Rachel Rhodes	Finance Director
Dr Hans Kristian Schønwandt	Non Executive Director
Sir Nicholas Bonsor	Non Executive Director
Malcolm Groat	Non Executive Director

Company Address 39 Sloane Street London, United Kingdom SW1X 9LP Telephone: +44 (0) 20 7201 5000 Facsimile: +44 (0) 20 7201 5050 Email: info[at]londonmining.co.uk Website: http://www.londonmining.co.uk

Additional Address/Key Contact Press Enquiries: UK Threadneedle Communications Phone: +44 (0)20 7653 9855 Email: Laurence.read@threadneedlepr.co.uk Norway Crux Kommunikasjon: Phone: +47 40 00 28 55

Capital Total number of ordinary shares in issue - 109,533,795

Year End 31 December

Nominated Brokers Liberum Capital Limited CityPoint 10th Floor One Ropemaker Street London, EC2Y 9HT United Kingdom GMP Securities Europe LLP 4 Albemarle Street London, W1S 4GA United Kingdom

Nominated Advisors Liberum Capital Limited CityPoint 10th Floor One Ropemaker Street London, EC2Y 9HT United Kingdom

Major Shareholders

Caspian Investments	20,063,354	18.32
CIBC Global Markets	7,320,000	6.68
Fenlight Trustees	6,710,943	6.13
GIC	5,110,150	4.67
Benbrack Charkit Limited	5,000,000	4.56
Altima	3,843,591	3.51
Pelos Strategy/Graeme Hossie	3,750,000	3.42
Citigroup Global Markets	3,424,300	3.13

Related News

20/11/09 - London Mining Lists On Aim And Duly Delivers An Immediate Profit For Investors
13/10/09 - London Mining Has Plenty Of Irons In The Fire When It Comes To Future Growth And Cash Flow
21/09/09 - Peace Breaks Out Between London Mining And African Minerals, Allowing Progress On The Marampa Iron Ore Licence To Accelerate
26/03/09 - London Mining’s Strategy Of Sticking Close To Its Customers Makes A Lot Of Sense In These Troubled Times
09/10/08 - London Mining’s Global Portfolio Of Iron Ore, Coal And Cash Should Help Keep It Afloat In The Difficult Times Ahead

Most Recent Statement

15/03/10 - PRELIMINARY FULL YEAR RESULTS - PRESENTATION
09/03/10 - RESOURCE FOR ISUA PROJECT, GREENLAND
25/02/10 - OPERATIONAL UPDATE - FOR THE PERIOD POST 31 DECEMBER 2009
11/02/10 - FINAL PARLIAMENTARY APPROVAL RECEIVED FOR MARAMPA, SIERRA LEONE
29/01/10 - MARAMPA UPDATE
14/01/10 - APPLICATION FOR ADMISSION FURTHER SECURITIES