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MINING INDABA 2012: London Mining in $45m iron ore offtake deal talks

February 09, 2012 - 11:26 GMT Location: Cape Town

KEYWORDS: iron ore , Sierra Leone , Marampa , mining , offtake , agreement , Glencore

Junior iron ore miner London Mining is in talks with four companies for offtake of as much as 1.8 million tonnes, valued at around $45 million, from its Marampa mine in Sierra Leone, ceo Graeme Hossie told Metal Bulletin on the sidelines of the Mining Indaba conference in Cape Town on Wednesday February 8.

“We are in talks with four possible offtake partners, including Glencore, for the next 1.5-1.8 million tonnes of offtake,” Hossie said. The miner signed a first offtake deal with Swiss commodities trading giant Glencore in January 2011 for $27 million. The five-year agreement includes an option for the miner to expand the agreement to production of phase 1b at Marampa. London Mining has received offers of...

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