London Mining rumoured to have received bid approach from Cape Lambert
London Mining, the UK-listed iron-ore mining company, is believed to have been approached by the Australian exploration company Cape Lambert Resources, The Times reported. The market report cited unattributed rumours that Cape Lambert, in which London-listed African Minerals owns a 20% stake, had contacted London Mining regarding a potential deal.
The item also noted media reports yesterday, 6 October, suggesting London Mining has entered takeover discussions with the India-based steel group JSW.
The report pointed out that Cape Lambert and London Mining own adjacent licences in Africa, and London Mining would benefit from the use of African Minerals’ railway assets for transporting iron ore to port.
London Mining has a GBP 6.78m (USD 10.87m) market cap.
Source The Times