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London Mining says in talks with potential strategic investor

Reuters - UK Focus

Sept 29 (Reuters) - Iron ore miner London Mining Plc (Other OTC: LIIGF - news) said it is in detailed talks with a potential strategic investor that could lead to significant equity dilution and a revised capital structure of the company.

London Mining, which is battling record-low prices of iron ore, said the talks involve funding of the life of mine expansion and a material cash injection into the company.

The company said the proposed investment in its current form is expected to require a number of weeks to implement, and there can be no certainty that talks will be successful.

The miner has so far trimmed its full-year iron ore production forecast, deferred a $175 million extension plan for its Marampa mine by two years and put off $20 million of non-essential capital expenditure because of weak prices. (Reporting by Karen Rebelo in Bangalore; Editing by Sunil Nair)