Posted in | Iron Ore

London Mining Completes Scoping Study for Greenland Iron Ore Operation

London Mining PLC, a UK based company, has released a scoping study for its Isua project in Greenland. The 15 million tonnes per annum iron ore mining operation has already seen a pre-feasibility study of 10 million tonnes a year being completed by the company.

The company had previously reported a Joint Ore Reserves Committee-compliant resource estimate of 915-million tons at 36% iron.

The company report said that the project was estimated to produce a Net Profit Value post tax of about $2.5 to 4.5 billion if it is assumed that the production is marketed in Europe alone. The prefeasibility study will be the basis of the banking feasibility study as per company information. The banking feasibility study is scheduled to be completed by 2011 end.

If all permits are obtained as per schedule the construction of the mine will start in 2012. London Mining hopes to bring out its first production in early 2015. The mine is expected to have a life of 15 years as per the current scoping study.

The company will require additional funds for the project and will be actively seeking them in the near future. CEO Graeme Hossie said that London Mining would review the different options around the optimal funding structure for construction, including the introduction of a strategic partner following the banking feasibility study.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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