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PrintBloomberg reorted that London Mining Plc, the second largest iron ore producer in Sierra Leone will boost spending to raise output to 6 million tonnes per year.
The company, which produced 1.5 million tonnes of the steel making ingredient in the first 6 months of the year, will spend USD 40 million in 2014 to expand output. London Mining will spend another USD 240 million in 2015 and 2016 to extend the life of its Marampa mine.
Credit Suisse Group AG said that “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.”
London Mining has focused on developing the Marampa mine after selling a Brazilian iron ore project to ArcelorMittal for USD 810 million in 2008. The mine had reserves to operate for more than 40 years and produce iron ore at USD 42 to USD 45 per tonne.
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