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London Mining and Glencore dispute over iron ore payment

22 Sep 2014
London Mining Plc has announced it is considering ending an iron ore supply contract with Glencore, following a dispute over payment.

The cash payment concerned is for iron ore to be mined in Sierra Leone, and Glencore reportedly refused to pay this advance, despite their contract outlining such transactions.

The five year contract began in 2012 and was for about 2 million wet tonnes of iron ore a year.

The dispute has caused shares in both companies to fall, with London Mining’s dropping nearly 13%.