Regulatory Story
Go to market news section View chart   Print
Company London Mining Plc
TIDM LOND
Headline

SETTLEMENT OF LITIGATION WITH WITS BASIN

Released 07:00 12-Feb-2013
Number 6674X07

RNS Number : 6674X
London Mining Plc
12 February 2013
 



London Mining Plc

Quoted on London AIM (LOND LN)

("London Mining" or the "Company")

 

12 February 2013

 

 

SETTLEMENT OF LITIGATION WITH WITS BASIN

 

 

London Mining has reached a settlement agreement with Wits Basin Precious Minerals, Inc. regarding previously disclosed litigation between the companies pertaining to their joint venture company, China Global Mining Resources (BVI) Limited (CGMR).  Under the terms of the settlement arrangements, the parties have agreed to dismiss all claims against each other and end their joint venture relationship.  Both companies have agreed to a mutual, unconditional, full and final release of any and all claims between them, no cash is payable by either party to the other and London Mining has agreed to transfer its interest in CGMR to Wits Basin.

 

London Mining has previously written the asset down to zero value.  The asset has been subject to various claims on it by local Chinese parties, and the termination of the joint venture with Wits Basin with no further obligations or liabilities allows London Mining to focus on its core assets, save on legal costs and bring an end to litigation on an asset that the Company believes has no value.

 

 

For more information please visit www.londonmining.co.uk or contact:

 

London Mining Plc

Graeme Hossie, Chief Executive Officer

Rachel Rhodes, Chief Financial Officer

Thomas Credland, Head of Investor Relations

 

+44 (0)20 7408 7500

Liberum Capital (Nominated Advisor/Broker)

Clayton Bush/Christopher Kololian

 

+44 (0)20 3100 2000

J.P. Morgan Cazenove (Broker)

Ignacio Borrell / Ben Davis

 

+44 (0)20 7742 4000

Brunswick Group LLP

Carole Cable / Rosheeka Field 

+44 (0)20 7404 5959

 

 

About London Mining

London Mining is an expanding producer of high specification iron ore for the global steel industry and is focused on identifying, developing and operating sustainable mines. London Mining commenced sales from the Marampa Mine in Sierra Leone in 2012 and expects to reach production capacity of 5Mtpa in 2013. A bankable feasibility study was completed in 2012 on an expansion plan to 9Mtpa and a prefeasibility study was completed in 2011 which shows that Marampa has resources to support a staged expansion to over 16Mtpa. London Mining has also completed bankable feasibility studies outlining plans for a further 20Mtpa of iron ore production by developing mines in Greenland and Saudi Arabia. The Company listed on AIM in London on 6 November 2009. It trades under the symbols LOND.L (Reuters) and LOND LN (Bloomberg). More information about London Mining can be found at www.londonmining.co.uk.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCZMGMZVZGGFZG
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


SETTLEMENT OF LITIGATION WITH WITS BASIN - RNS