London Mining’s vision is to maximise value for all stakeholders and to become a top 10 supplier to the steel industry within the next five years. London Mining will do this through partnerships that create an environment conducive to investment and ensure local economic, environmental and social conditions are improved through our operating presence.
Wits Basin currently owns 35% of the issued and outstanding shares of capital stock of Kwagga Gold, a wholly-owned subsidiary of AfriOre International. The Company recently executed an agreement with AfriOre whereby Wits Basin may acquire the remaining 65% equity interest of Kwagga. Kwagga holds exploration rights to the FSC Project located in South Africa which is comprised of several hundred thousand acres that are adjacent to the main Witwatersrand Basin, the most prolific gold producing region in the world.
Globally,London Mining face a number of challenges:
Increased shareholder and stakeholder activism;
A greater connection between grassroots NGOs and international movements;
Increased competition due to globalisation;
Greater capital and credit constraints leading to risk aversion from global financial institutions; and
Growing resource nationalism, putting at risk new mine development which requires long term capital commitment.
CGMR, led by Witts Basin, continues to undertake a fund raising process to allow for the consolidation of the license, acquisition of deep mining rights and for payment of the deferred consideration to Mr and Ms Lu.
Flooding are the most common form of natural disaster in the UK and are now part and parcel of the British winter months; widespread flooding happens at least once a year in the UK. Earlier this year, torrents of rain hit the UK, with Cumbria the worst-affected area; heavy, prolonged rainfall caused bridges and road networks to collapse and four people lost their lives. In 2007, Yorkshire was hit hard by floods and some people are still recovering from the destruction caused by the floods three years later; the floods killed six people and left hundreds of people homeless and thousands without electricity.
Flooding can come from various sources, from coastal waters, from rivers (also known as fluvial flooding) and surface water flooding. Of all these sources London is most vulnerable to surface water flooding. Heavy rainfall can swiftly overwhelm the drainage network, leading to flooding of low-lying areas.
London Mining 