London Mining back in black

Suzie Neuwirth
SIERRA Leone-focused iron ore miner London Mining has moved into the black for the first time since starting production, posting half-year operating profits of $10.2m (£6.6m) compared to losses of $5.6m in 2012.

“We plan to ramp up production to five million tonnes this year, building revenue and bringing costs down,” chief executive Graham Hossie told City A.M. He added that the firm uses hedging strategies and has cut costs to mitigate falling metal prices.