[miningmx.com] – SOUTH Africa’s FirstRand bank as well as Standard Chartered were two of several banks facing default on a $200m loan by client London Mining, a UK-listed iron ore producer operating in Sierra Leone.
Bloomberg News said London Mining would be forced into administration today following a dramatic decline in iron ore prices while the Ebola virus outbreak made it difficult to operate in the west African country.
The newswire was citing a report by Greg Saffy, an analyst at RMB Morgan Stanley who said Togo’s Ecobank Transnational and Nigeria’s FBN Holdings had also helped fund the loan which was drawn down in full in December.
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