London Mining Developing Mines

London Mining  PLC (LOND.L)

London Mining Plc is developing mines to supply the global steel industry. The Company has iron ore exploration and development projects located in Sierra Leone, Saudi Arabia, Greenland, China and Chile, and a coking coal project in Colombia. The Company’s products include pellet feed, P1 sinter feed / P2 sinter/pellet and DR pellets. The Marampa mine is a 13.82 square kilometers brownfields site. The Company focuses to develop Marampa in two phases. The Wadi Sawawin Project is located in the north-west corner of Saudi Arabia, 125 kilometers from Tabuk and 60 kilometers from the Red Sea port of Duba. Greenland includes the Isua Project. Isua is located 150 kilometers Northeast of Nuuk. Isua will produce a 70% Fe pellet feed concentrate. London Mining had completed three seasons of exploration drilling on the Isua Project.

LONDON MINING SIGN A NEW LONG TERM OFF - TAKE AGREEMENT

 LONDON MINING SIGN A NEW LONG TERM OFF - TAKE AGREEMENT

London Mining Plc is pleased to announce that it has signed a long term off-take agreement for 4 million tonnes of iron ore per annum with Suns Trading Ltd, a wholly owned subsidiary of Suns International Holdings Ltd.

London Mining has signed a long term iron ore purchasing agreement with Suns Trading Ltd. whereby Suns will purchase on a "take or pay" basis the Company's available production exports up to a committed quantity of 4 million tonnes per year. The contract pricing is based on CVRD benchmark prices and an additional marketing fee will be payable for managing the ongoing commercial and supply arrangements with steel mills in China directly on behalf of London Mining. Suns and its end-users have expressed demands of more than 4mtpa which will be at the Company's discretion.  Suns Trading currently manages iron ore buying for over 12 steel mills in China and supplies approximately 15m tonnes of iron ore lump and fines per year to mills in various provinces in southern and northern China.

Suns Chairman, Wilson Chen said: "We are very happy to have agreed this important purchasing contract with London Mining.  We have high and rapidly growing demand for this essential commodity amongst our steel mill clients and the relationship with and supply from London Mining is important for meeting their expanding needs for high quality iron ore in the future."

Graeme Hossie, Corporate Development and Deputy Managing Director for London Mining said: "This deal gives London Mining multiple customers in China providing a diversified purchasing base so as not to be reliant on one steel group. It also provides capable and seasoned commercial management of the end user relationships allowing London Mining to focus on expanding production in its mines worldwide.  As Suns is a Hong Kong based group long established in international business and supplying Chinese companies, the relationship resolves cultural, language and bureaucratic issues for London Mining in supplying Chinese customers and extends London Mining's customer reach and relationships within China."

Governance of London Mining Plc: London mining Stevan King

Governance of London Mining Plc

London Mining plc (the “Company”) is committed to maintaining high standards of corporate governance.

The Company has adopted a common approach to corporate governance to comply with regulatory obligations associated with its listing on the AIM market of the London Stock Exchange (“AIM”) and the Oslo Axess of the Oslo Stock Exchange (" Oslo Axess ").

Whilst not a mandatory requirement of the Company’s listing on AIM, the Directors have chosen to apply the Combined Code on Corporate Governance published by the UK Financial Reporting Council in June 2008 (the “Combined Code”) to promote good corporate governance, where considered practical for a company of its size and development stage of the mining cycle.

The Directors have also applied section 13.2.2(5) of the Continuing Obligations of Stock Exchange Listed Companies published by the Oslo Stock Exchange. In its application, the Company is exempt from applying the Norwegian Code of Practice for Corporate Governance published on the basis that the Norwegian Code shares common corporate governance themes with the Combined Code.

Adherence to the Combined Code is based on a “comply or explain” principle, whereby companies are expected to comply with the recommendations or explain why they have chosen an alternative approach. Below is a summary of the departures from the Combined Code with an explanation of how the Company’s actual practices contribute to good corporate governance.