
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
London Mining | LSE:LOND | London | Ordinary Share | GB00B1VZK334 | ORD 0.2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.70 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
By Alex MacDonald
LONDON--U.K.-listed iron ore miner London Mining PLC (LOND.LN) said Monday it lacks sufficient liquidity to allow it to continue to trade without raising further finance as it seeks to finalize negotiations with a potential investor for a cash injection.
London Mining, which owns the Marampa mine in Sierra Leone, said the deal structure with the potential unnamed strategic investor envisages funding the mine's expansion while making a material cash injection into the company that would result in a significant dilution to existing equity and change in capital structure.
The deal is expected to take a number of weeks to implement and there is no certainty that the discussions will be successful, the company said. This follows an announcement last week that London Mining had entered discussions with its lenders to provide short-term liquidity after commodities trader Glencore PLC (GLEN.LN) refused to make a cash payment that was part of a long-term iron ore purchase agreement.
"At present, the company does not have sufficient liquidity to enable it to continue to trade through this period [of discussions] without raising further finance," London Mining said in a statement Monday, adding that funds from Afreximbank, which had been lined up previously to alleviate a short-term liquidity crunch, aren't expected to be available before negotiations conclude with the strategic investor.
London Mining said the lenders are working to enable the strategic investment to take place and are considering providing further finance.
The miner also said that while the lenders remain supportive of the strategic investment, there can be no certainty that further financing can be put in place to facilitate such an investment.
Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year London Mining Chart |
1 Month London Mining Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions