One of the world’s leading asset management firms, BlackRock, has agreed to pay London Mining $110m, in return for a share of the company’s future iron ore production.<\/p>\n
London Mining said on Monday that BlackRock, through its listed World Mining Trust, will receive 2 per cent of iron ore revenues from the Marampa mine in Sierra Leone.\u00a0 The royalty agreement will help fund expansion of its flagship project to 9 million tonnes a year.<\/p>\n
Headquartered in New York City, BlackRock is an American multinational investment management corporation and the world’s largest asset manager. As of June 2011, the company had over US$3.65 trillion in assets under management. BlackRock’s investment signals confidence in West Africa as an emerging region of iron ore production, as well as a bet that London Mining will succeed in becoming a substantial, low cost producer.<\/p>\n
“Quality iron ore always finds a market,” said Graeme Hossie, Chief Executive of London Mining, noting that the company is already producing a premium product used by steel mills to blend with lower-quality ore.<\/p>\n
Shares in London Mining, which is listed on the London Stock Exchange, jumped 15.5 per cent.<\/p>\n
London Mining is expected to produce 1.5 million tonnes of iron ore this year, as part of its first, US$ 300 million, development phase which should see Marampa ramp up to 5 million tonnes by 2014.<\/p>\n
As key members of London Mining, you will play a critical role in our successful organisational growth. Similarly, the size and magnitude of our growth profile provides significant opportunity for professional career development. If you are interested in taking on a new, challenging and rewarding career with a growing organisation, please go to our website: www.londonmining.co.uk<\/a><\/p>\n Stay with Sierra Express Media, for your trusted place in news!<\/em><\/strong><\/p>\n One of the world’s leading asset management firms, BlackRock, has agreed to pay London Mining $110m, in return for a share of the company’s future […]<\/p>\n","protected":false},"author":1,"featured_media":32480,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[751,1],"tags":[13048,2194,2456],"class_list":["post-45825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-news","category-uncategorized","tag-blackrock","tag-iron-ore","tag-london-mining-company"],"_links":{"self":[{"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/posts\/45825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45825"}],"version-history":[{"count":0,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/posts\/45825\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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