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London Mining : in administration- UPDATE​

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10/29/2014 | 05:25am US/Eastern​

London Mining plc in administration- UPDATE ("London Mining" or "the Company")
Peter Dickens, joint administrator of London Mining plc and director at PwC, said:
"The administrators of London Mining are pleased that terms have been agreed with Timis Corporation to buy the Company's Marampa mine, with a view to finalising the deal by the end of this week.
"When complete, the sale will include the transfer of the Marampa mine workforce, providing stability for the economy of Sierra Leone."
Frank Timis, Chairman of the Timis Corporation commented:
"I am delighted that, assuming successful conclusion of this process over the coming week, it is expected that the Marampa Mine will continue to be a major source of employment and government revenue in Sierra Leone, and avoids the closure of such an important asset for the local and national community.
""I look forward to working with the workforce of Marampa, who have done such a phenomenal job against very difficult circumstances. We now intend to enter negotiations with African Minerals Limited and its infrastructure company African Railway and Port Services which, if successful, will unlock the synergies between these assets, for the long term good of all stakeholders."
ENDS
For more information, please contact:
Ian Hannam/Neil Passmore/Andrew Chubb