After entering a bankruptcy procedure late 2014, its flagship asset was sold for $20M to Timis Mining.

The company's second asset was a large iron ore project in Greenland,

where London Mining expected to produce a high-purity end-product with an iron content of approximately 70% Fe.

The project was taken over by General Nice, a Chinese conglomerate which is one of the largest Chinese importers of coking coal.

Quoting from :

London Mining’s Sierra Leone mine Marampa has been sold through a pre-pack structure.

Timis Corporation will take on London Mining’s assets, with all staff to continue to be employed.

Timis’ chairman Frank Timis said: “I am also pleased to have secured exclusive access to a further 100 million tonnes of weathered hematite iron ore through agreement with Cape Lambert Resources, allowing the current plants to process consistent quality material for the next decade, and deferring the capital expenditure that would have been required to access fresh ore at Marampa.

Pricewaterhouse Coopers director and joint administrator Peter Dickens said: “This is a great outcome, not only for the Marampa Mine workforce transferred to Timis as part of the deal, but also in terms of protecting a key asset in Sierra Leone’s economy, contributing around 10 per cent of the country’s GDP.

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London Mining

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London Mining PLC produced high specification iron ore concentrate for the global steel industry. The Company operates the Marampa mine in Sierra Leone and owns other iron ore projects in Greenland and Saudi Arabia.

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