Objective & Strategy

London Mining’s objective is to identify, develop and operate scalable mines to become a mid-tier supplier to the global steel industry. The Group’s principal assets have actual or anticipated production and the ability for further expansion through either upgrading resources or acquisition.

The strategy of London Mining is to focus its activities on deliverable iron ore projects, where the key features are scalable production, financing opportunities and a clear route to market. The ability to accelerate projects through to efficient producing mines, utilizing its experienced technical and operating team, is an important part of the Company’s strategy.

London Mining CGMR

CGMR has engaged a highly professional management team that includes Mr William Green, Mr Loong Keat Tan, and Dr Clyde L Smith to manage the operations. Mr Green is a graduate of the University of Pennsylvania’s Wharton School of Business and has more than 15 years of business experience in Asia. Mr Tan will guide the mining operations: a former mining executive who served Rio Tinto for 21 years as General Manager of various projects including Hamersley Iron’s Mount Tom Price Mine in Western Australia and Bougainville Copper Ltd.’s mine in Papua New Guinea. Mr Tan also served Rio Tinto as head of their Hong Kong and Beijing offices. Dr Smith, who will guide geologic studies, is an experienced mining industry geologist who has been responsible for discovery of five ore deposits in Canada, the U.S., and Mexico.

As at 29 October 2008, XNS and Sudan had approximately 400 employees.

CGMR intends to create additional value by reducing costs through operating efficiencies and executing expansion plans, with a run rate target for XNS of 1.2 mtpa production capacity during 2011. Further production increases and efficiencies would arise from the addition of a new mining operation at Matang, located about 9km WSW of the Sudan plant. Matang has a 21.88million tonnes magnetite resource averaging 25.15% Total Fe estimated by No. 322 Geological Brigade to Chinese standards (not JORC) in December 2003.