Mexican iron-ore mine to start production next year

June 25, 2008

June 25th (Mining Weekly) – UK-based London Mining has given the go ahead for the start-up of its El Artillero project, in Mexico, and expects production and export of iron-ore concentrates to begin in nine months, if the mine receives all the necessary permits.

The company will commit up to $7-million in debt finance, and has also increased its interest in Anglo Mexican Mining, the 98% owner of the project, from 49% to 53%.

The mine is expected to produce about 75 000 t/m of concentrates grading 63,7% iron.

Mining at El Artillero will be contracted out and London Mining will hold marketing rights to all of the iron-ore concentrates produced, and will receive a 5% marketing fee on sales.

“This is a small project, but it provides London Mining with additional cash flows, and forms a good base from which to seek other projects in Mexico,” MD Christopher Brown said in a statement.


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