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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.
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. The royalty agreement will help fund expansion of its flagship project to 9 million tonnes a year.
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$3.65 trillion in assets under management. BlackRock’s investment signals confidence in West Africa as an emerging region of iron ore production, as well as a bet that London Mining will succeed in becoming a substantial, low cost producer.
“Quality iron ore always finds a market,” said Graeme Hossie, Chief Executive of London Mining, noting that the company is already producing a premium product used by steel mills to blend with lower-quality ore.
Shares in London Mining, which is listed on the London Stock Exchange, jumped 15.5 per cent.
London Mining is expected to produce 1.5 million tonnes of iron ore this year, as part of its first, US$ 300 million, development phase which should see Marampa ramp up to 5 million tonnes by 2014.
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
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