London Mining sells Marampa mine

 London Mining, which entered administration last week, has sold its Marampa mine to Timis Corporation. 

 

The sale, which is expected to be completed “by the end of this week”, will include the transfer of the full workforce “provind stability for the economy of Sierra Leone”, the administrator said on Friday afternoon. 

 

PricewaterhouseCoopers was appointed admistrator last week after London Mining's shares were suspended following questions around the company's liquidity.

 

No financials were disclosed on the deal. 

 

Timis chairman Frank Timis said:  "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.

 

He added:  "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."