London Mining Investors - LOND

London Mining Investors - LOND

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
London Mining LOND London Ordinary Share GB00B1VZK334 ORD 0.2P
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 4.70 01:00:00
Open Price Low Price High Price Close Price Previous Close
4.70
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Top Investor Posts

DateSubject
22/10/2014
20:35
paul the octopus: here you go, the rest of the puzzelhttp://www.proactiveinvestors.com.au/companies/news/58384/cape-lambert-resources-to-provide-us20m-funding-to-timis-mining-58384.htmlCape Lambert Resources to provide US$20M funding to Timis MiningWednesday, October 22, 2014 by Proactive Investors Tony Sage's Cape Lambert Resources is providing US$20M funding to Timis MiningCape Lambert Resources (ASX:CFE) has entered into a binding terms sheet to provide Timis Mining with US$20 million in financing to assist with acquiring the Marampa Iron Ore Mine in Sierra Leone.This consists of a US$8 million 12 month bridging loan and a US$12 million royalty purchase.The company will receive a US$2 per tonne royalty for four years from iron concentrate exported from Timis Mining's Marampa mine.This could be worth up to US$56 million with the first royalty cheque expected within the next three months.Timis Mining will also have the exclusive right to mine and acquire 100 million tonnes of oxide material from the company's Sierra Leone projects at a price of US$3/t to US$5/t.This could potentially earn between US$300 million and US$500 million."This funding agreement represents a very good deal for the company and for its shareholders," executive chairman Tony Sage said."The Timis Mining owned Marampa Mine is expected to produce between 5 to 7 million tonnes of iron concentrate per annum which means a potential income stream to Cape Lambert of between US$10 - $14 million per annum or up to US$56 million in total over the term of the royalty."With the proposed income stream from the royalty agreement and sale of oxide material, Cape Lambert is contemplating continuing its long standing dividend policy, where appropriate, of returning any surplus cash to shareholders."Timis Mining AgreementThe agreement is divided into the US$8 million Bridging Facility and US$12 million for the purchase of a royalty.The Bridging Facility is repayable in 12 months and incurs interest of 3 month US LIBOR (London interbank offered rate) + 6%.This principal and interest will be repaid to Cape Lambert in one payment at the expiry of the 12 month loan period and can be extended by the parties on mutually agreed terms.Under the royalty, the company will receive US$2 per tonne of iron concentrate exported from the Marampa Mine.The Royalty is payable on a quarterly basis over a four year period and will commence from the first shipment of concentrate from Marampa following the completion of its acquisition by Timis Mining from the administrator of London Mining.Oxide Ore SaleCape Lambert has also negotiated the sale of oxide material from its Sierra Leone Projects to Timis Mining, which is located adjacent to the Marampa Mine. Under the terms of the Agreement, Timis Mining will have exclusive rights to purchase 100 million tonnes of oxide material, or such greater amount as defined by further drilling from Cape Lambert's other Sierra Leone Projects.The price at which the oxide material will be purchased from Cape Lambert is expected to be in the range of US$3 to US$5 per metric tonne, potentially earning between US$300 million and US$500 million over the life of the mine.    A drilling campaign to increase the upside of Cape Lambert's oxide resources is planned to begin 12 months after Timis Mining commences mining at Cape Lambert's Sierra Leone Projects. This drilling campaign, together with any costs associated with mining operations, will be borne by Timis Mining and not Cape Lambert.Rights to MatchTimis Mining may sell its interest in Marampa and Cape Lambert can sell its oxide material at any time during the period of this agreement. In the event that Timis Mining sells the mine, then it will use its reasonable endeavours to incorporate the sale of Cape Lambert's Sierra Leone Projects at the same time.Should the mine be sold without a sale of Cape Lambert's Sierra Leone Projects, then the Royalty and Bridging Finance obligations continue with any new third party owner and the new third party owner will be obligated to purchase the oxide material on the same basis as agreed between the parties.If Cape Lambert sells its Sierra Leone Projects without a sale of Timis Mining's Mine, then the Royalty and Bridging Finance obligations continue with any new third party owner of Cape Lambert's Sierra Leone Projects and the new third party owner will be obligated to sell the oxide material to Timis Mining on the same basis as agreed between the parties.AnalysisThe agreements with Timis Mining includes the US$12 million purchase of a royalty that could provide Cape Lambert potential payments of up to US$56 million over four years.There is potential for the first royalty payments to be made within the next three months.In addition, Timis Mining will also have the exclusive right to purchase 100 million tonnes of oxide material from Cape Lambert's Sierra Leone Projects at a price of between US$3 and US$5 per tonne, which could potentially earn between US$300 million and US$500 million.This agreement represents an opportunity for the company to make use of its $69 million in cash, receivables and listed securities – including $38 million in unrestricted cash.Cape Lambert is also contemplating continuing its long standing dividend policy, where appropriate, of returning any surplus cash to shareholdersThe royalty agreement has the potential to provide the company with additional free cash flow which could be returned to shareholders.It is rewarding shareholders with a $25 million payout though a $0.04 per share dividend in two equal fully franked payments.
21/10/2014
22:00
sweepie2: AMI heading towards a huge day tomorrow Looks like funding has been secured IF this article is correct, price could zoom tomorrow and with Ebola vaccine on the way in the next three months who would argue with £2 sometime in the next few months. These are the Australian investors, they have also suspended share dealing pending an announcement if it is the LOND assets then an announcement must be close, expecting a big day tomorrow Taken from the Australian link - mentions London mining... Cape Lambert close to iron deal TONY Sage’s Cape Lambert Resources is believed to be closing in on a deal that will see it pick up an iron royalty in West Africa. Cape Lambert, the main listed venture of entrepreneur and Perth Glory owner Mr Sage, went into a trading halt yesterday pending an announcement regarding a “new investment opportunity”. It is understood Cape Lambert will announce it will contribute around $US20 million ($22.7m) into a financing package that will be funnelled into a distressed bulk commodities asset in Africa. In return, it will pick up a royalty on future production that could start generating money for Cape Lambert before the year is out. The obvious candidate for the package would be London Mining, which collapsed into administration this week just days after it announced that its efforts to secure a rescue package were unlikely to leave any value for existing investors. London owns the Marampa iron ore mine in Sierra Leone, which has sufficient reserves to support a 40-year mine life but which has been hit hard by both falling iron ore prices and the fallout from the Ebola virus
19/10/2014
09:56
sweepie2: From LSE BB AMI will not be sold cheaply as Frank Timis has spent years developing this investment. The value of the business hasn't changed ..... Just the share price He will hold out for bids in excess of £2-£3 minimum as he is in no rush. This means he is not out to strengthen LOND unless he owns it, that's the only deal he is interested in unless it becomes a strategic alliance that benefits his investment. A lot of people are writing on here looking at value against the current share price price ........ It's about the value of the business which isn't anywhere close to the current share price price. So LOND cannot be profitable without AMI or Frank ....... This is all about the railway holding all the trump cards and means Frank has the ability to control the value of LOND millsm - Today 09:11Recommend 2 | Report This all goes back to 2004 when the original proposal for investment included both Marampha and Tonkolili. Then it was a case of upgrading the railway, an extension spur to Tonk, sorting out Pepel (got some nice pic's) the dredge to clear the route from the loading point. Once the cat was out of the bag (business plans are not confidential once on the ministers desk) there was a scramble by AMI to get in on the action. This was before LOND knew anything about SL. We (original investors) paid for the licence (several of those were of dubious) hence the dispute on "boundaries" later. The original investors, trust me these were a few..got stiffed and the licence went walk about only to appear on LOND desk. LOND ran with the proposal despite protests. Frank, bless him had a bigger stick and advance notice of the proposal and pushed for the exclusive on Pepel and the rail link. This went to Parliment where it was decided that duel use was in order. Once this happened LOND was done for, missing both Tonk mine (by far the largest deposits) and exclusivity on the rail they were always destined to fail. They did not want to do a deal with Frank as he could dictate the terms of the rail usage (hence gun to head). The disaster on the road / barge option I think encouraged Chris to step sideways....(sure other factors were involved mind you ...$40M). Anyway, just some background...offers are in...several...should hear shortly, but AMI is still really the only game in town. Don't under estimate what it takes to operate over there, Frank is an old hand and covers his bases very well. The Indians are really only a source of cash, plus a ore buyer...Frank is an operator and knows how to pull strings! Really hope things work out for all PI's and the SL workers....nobody is gonna let this fall over. You maybe suprised at some new names appearing in the mix over the next week. Sorry sweepie2 should have mentioned a bit more on the LOND chat....good luck and I think you are right SLNomad - Today 09:44Recommend | ReportGo to Thread (2) Reply
11/10/2014
09:37
sweepie2: Thats what I thought so I got out early but the longer it went on past 8/10/14 the more credibility was lended to the buy out stories, it should have been suspended back on 8/10/14 to allow talks with these investors. The fact it was allowed to continue created imo a false market and greed ruled head when it came to decisions by investors. I see some still expecting to see a 10p offer but why? as leave it until admin and you be able to pick up mine without the debts. I wonder whether Chinese together with AMI will enter the fight over the bones of LOND
10/10/2014
15:46
h2owater: RNS Number : 0438U London Mining Plc 10 October 2014 London Mining Plc Quoted on London AIM (LOND) ("London Mining" or the "Company") 10 October 2014 strategic process update London Mining Plc (the "Company") announces that the only strategic investors now remaining in the process are those whose proposals are not expected to contemplate the continuation of London Mining Plc, the listed legal entity, as a going concern. As previously announced, discussions were ongoing with potential strategic investors about structures which the Board believed would result in little or no value in the equity of the Company but the discussions with the investor which might have resulted in little value in the equity have ended. As a consequence the Directors have requested the immediate suspension of the trading on AIM of the ordinary shares and trading on Channel Islands Securities Exchange of the convertible bonds. It is anticipated that further funding in to the Sierra Leone operation and potentially other development assets would be provided by a strategic investor if the discussions are successful.
10/10/2014
15:39
tonysss13: miamisteve. rememebr you from the ISYS days. all over folks strategic process update London Mining Plc (the "Company") announces that the only strategic investors now remaining in the process are those whose proposals are not expected to contemplate the continuation of London Mining Plc, the listed legal entity, as a going concern. As previously announced, discussions were ongoing with potential strategic investors about structures which the Board believed would result in little or no value in the equity of the Company but the discussions with the investor which might have resulted in little value in the equity have ended. As a consequence the Directors have requested the immediate suspension of the trading on AIM of the ordinary shares and trading on Channel Islands Securities Exchange of the convertible bonds. It is anticipated that further funding in to the Sierra Leone operation and potentially other development assets would be provided by a strategic investor if the discussions are successful. For more information please contact:
10/10/2014
14:53
tonysss13: SOS100 this is the RNS people should be taking notice of, well done to those who have had a multibagger in a few days but they were and some still are, gambling with 100% of their investment DJ London Mining Plc FINANCING UPDATE RNS Number : 7117T London Mining Plc 08 October 2014 London Mining Plc Quoted on London AIM (LOND) ("London Mining" or the "Company") 8 October 2014 FINANCING UPDATE Further to the announcement made on 29 September 2014, detailed discussions are ongoing with potential strategic investors, London Mining Plc (the "Company") and the Company's bank lender group. Under the structures currently proposed, the Board believes that there will be little or no value remaining in the equity of the Company and the other listed securities of the Group. While the lenders of the Company remain supportive of the process, they are not expected to provide any further short term funding which would be provided by a strategic investor if the discussions are successful. There can be no certainty at this time on the likelihood or timing of such an investment. With the iron ore price at its lowest level since 2009, the Marampa operations have been put under considerable financial strain. In addition, the outbreak of Ebola in Sierra Leone has introduced significant challenges both to the strategic investor process that the Company began in May, and to the ongoing operational performance of the business, where our team in Sierra Leone continue to show exemplary commitment in such adverse circumstances. The capital that is needed from such an investor is significant and the proposals currently contemplate funding of the life of mine expansion and a cash injection into Marampa to allow the mine to continue operating. For more information please contact: London Mining Plc Graeme Hossie, Chief Executive Officer Benjamin Lee, Chief Financial Officer Thomas Credland, Head of Investor Relations +44 (0)20 7408 7500 Liberum Capital (Nominated Adviser/Broker) Richard Crawley / Tom Fyson +44 (0)20 3100 2000 J.P. Morgan Cazenove (Broker) Ben Davies / Ignacio Borrell +44 (0)20 7742 4000 Buchanan Bobby Morse / Louise Mason +44 (0)20 7466 5000 About London Mining London Mining is an expanding producer of high specification iron ore concentrate for the global steel industry and is focused on identifying, developing and operating sustainable mines. The Company is on track to produce c.5Mwmt in 2014, from its 100% owned Marampa Mine in Sierra Leone, increasing to 6.5Mwmt/a following the next phase of expansion. Marampa has resources of c.1Bnt to support a mine life of over 40 years and a staged expansion to 20Mwmt/a of iron ore production. London Mining has also completed bankable feasibility studies outlining plans for the development of its projects in Greenland and Saudi Arabia, with an aggregate JORC attributable resource of 1,203Mt. The Company listed on AIM on 6 November 2009 and trades under the symbol LOND. More information about London Mining can be found at www.londonmining.com. This information is provided by RNS The company news service from the London Stock Exchange END MSCFSUESWFLSELS (END) Dow Jones Newswires 08-10-14 0600GMT To show Dow Jones news codes click here LOND.L I/STL I/XDJGI N/CNW N/GPRW N/RNOA N/RNS N/RNWS M/BSC P/ABO P/AEQI P/RNMS P/SGN R/EC R/EU R/UK R/WEU LOND -------------------------------------------------------------------------------- Top
10/10/2014
02:29
nash81: bank as creditor will get all assets leaving shareholder nil value. [...] Beleaguered Sierra Leone based iron ore mining company, London mining, issued a damning RNS this morning sending its shares down over 80% to 0.6p. The killer line was that “the Board believes that there will be little or no value remaining in the equity of the Company and the other listed securities of the Group”. The shares were trading as high as 413p in 2011 and even 142p in late 2013. The RIP sign looks to be hoisted over this company very soon! London Mining Shares With iron ore prices at multi year lows and with an Ebola outbreak to contend with in Sierra Leone the company was facing some significant problems. The company now needs an emergency investor or it is faces administration and a fire sale of its assets. Recently London announced it was considering terminating its contract with Glencore, after the firms entered a dispute over an offtake agreement. In June it was forced to move all non-essential staff out of Sierra Leone. london 2 The company’s only operating mine, Marampa in Sierra Leone, has struggled to make money with the iron ore price around $80 a tonne, down 40% year to date. As the low cost giants like Vale, BHP Billiton and Rio Tinto have flooded the market with iron ore in the face of weak demand from Chinese steel producers, the likes of London Mining have faced an uphill battle. The Ebola virus outbreak in Sierra Leone and other African countries has also made mining more difficult from an operational perspective and has clearly made potential investors pause for breath. If an investor fails to materialise than it is likely that London Mining’s banks will pull the plug. The company’s debts total $310 million (£191 million) with a consortium of banks. Talks are taking place with trade finance bank Afreximbank, which has agreed a $30 million two-year financing facility, but this is not expected to be available in the time required given the difficult financial situation. This failure shows how tough it is for small mining companies right now.
09/10/2014
14:28
mali7: Funds has to sell at certain situations, they have rules that has to be followed or else they could face prosecution... PIs can do whatever and mostly get burnt, anyway they have been saying we are BK and can't trade, now rules are when no hope left they have to call admin, but it's taking longer here, which only means discussions are ongoing and no need for admin yet. Could lead to something positive, but for holders from 100p could be as no value or little value, however for holders from yesterday's below 1p could be of no value or massive value, only time will tell. I doubt board are taking in sense of current buyers, they themselves bought at 100p+ so hence has to refer communications based on those target investors... Anyway seriously I hope this doesn't go under and we can still be long term investors, I would have previously had considered a rights issue when thy were 60p, but they didnt. GLA
08/10/2014
09:15
islam1: thats the problem with investors, each one for himself but it seems the board after talking to new investors is deliberately letting this go to the wall so that they could pick it up for nothing
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