Despite the

global financial
gloom, the lights
burn brightly
in the capital of
mining finance

London A supplement to
Mining Journal

01_LondonSupp.indd 1 6/10/08 15:39:28

 LONDON
Heart of an industry
Mayhem in the world’s financial markets will continue to create funding problems but London
remains the beating heart of international finance. Mining Journal focuses on some of the city’s
key organisations
T
HE capital of the UK is one of the best-
known cities in the world. It is also a
popular, safe and prosperous place to live
and to conduct business. In terms of the
latter, London benefits from its ideal
geographical position. Although on the western fringe of
Europe, the city has excellent transport links to mainland
Europe and elsewhere, and it sits astride time zones that
are important to the mining industry – there is an overlap
at either end of the working day with Australia and the
Americas, and South Africa is on almost the same longitude.
The latest Global Financial Centres Index noted that
London remained the world’s leading financial centre.
However, the six-monthly report concludes that fallout
from the credit crunch has cut into London’s lead over
rival cities, particularly those in Asia and the Middle East.
New York also lost ground but remains in second place,
with Singapore overtaking Hong Kong in third place, and
Zurich remaining fifth. Toronto, despite its primary
importance in the mining sector, ranks only 12th overall,
behind Geneva, Tokyo, Chicago, Frankfurt, Sydney and
Boston.
From a business perspective, other important
considerations favouring London include the country’s
stable democracy, a pragmatic fiscal regime, a comfort-
CONTENTS
Heart of an industry 2-5
Maps 6-10
History 12-13
London Metal Exchange 14-15
Cover image: London’s Canary Wharf financial centre;
(inset) trading on the LME floor Both photos: Bloomberg
Published in October 2008 by:
Mining Communications Ltd
Albert House, 1 Singer Street
London EC2A 4BQ
Tel: +44 (0)20 7216 6060 Fax: +44 (0)20 7216 6050
E-mail: editorial@mining-journal.com
Website: www.mining-journal.com
Supplement editor: Chris Hinde
Design and production: Tim Peters,
Karen Leverington
Printed by Stephens & George, Merthyr Tydfil, UK
© Mining Communications Ltd 2008
An Aspermont company
2 October 2008 Mining Journal special publication
02-05_LondonSupp blakeH.indd 2
able standard of living for staff and a wide range of
supporting services. These include strong legal and
accounting professions, and the world’s leading metal and
share exchanges. Not only is London an ideal market for
international companies (with a large pool of potential
funding) but the mining sector is also well understood.
London is culturally diverse (about half of the
country’s ethnic minorities live within its boundaries) and
has a population of over seven million people (equivalent
to about 12% of the UK total).
Although the UK is no longer a significant producer of
mined metals and minerals, the world’s largest mining
companies have a significant presence in London. The city
also hosts the leading metals-trading exchange and is an
important source of funding and expertise for
international minerals exploration and mine develop-
ment. Indeed, in recent years the London Stock
Exchange’s Alternative Investment Market (AIM) has
become an important source of exploration funding in
Africa and Asia.
WORLD LEADER
London is the world’s leading city for institutional-equity
holdings, and the most important market for derivatives
and foreign-exchange trading (with a share of around
one-third of the international total in both sectors). The
city also has the world’s largest market for internation-
ally-traded insurance and reinsurance.
The origins of London as a financial centre date back
2,000 years (see also separate ‘History’ section, pages 12-
FINANCE CENTRE
London is the leading financial centre in Europe,
with the largest share of many individual sectors.
Such is the momentum behind it, and the
congregation of skills, that it seems unlikely that the
city will ever slip from its pre-eminent business
position. Stuart Fraser, head of policy for the City
of London, said recently that “London and New
York are the two ‘global’ cities, and they are going
to remain that way for a while yet even though
other centres might close the gap”.
London is also the largest international banking
centre in Europe, with half of the continent’s total
investment-banking activity. The city has almost
twice as many foreign banks as Frankfurt or Paris
(and New York).
Photo: Bloomberg
Coat of arms of the Worshipful
Company of Goldsmiths
13). By the mid-17th century,
the city dominated the
country’s political and
economic life, and with a
population of 450,000
London was already the fourth-largest city in the world.
The UK capital has been a significant force in terms of
modern banking for around four centuries. Chief among
the early bankers were the Goldsmiths, which was one of
the earliest livery companies (these guilds can date their
existence back to the early 14th century).
The Goldsmiths, whose role was to test and sell gold,
silver, platinum and jewellery, had flourished after the
dissolution of the country’s monasteries in the 1530s.
The seizure by King Charles I of private gold deposited
in the Tower of London, followed by the 1642-1649 Civil
War, encouraged the gentry and aristocracy to seek safe
custody for their wealth in the Goldsmiths’ vaults.
By 1677, there were 44 Goldsmith bankers (‘keepers
of running cashes’) in London, who by then were
accepting money for safe custody and issuing a receipt in
exchange. This receipt, initially used to claim the full
amount of cash lodged, soon came to be presentable for
part payment and assignable, heralding the birth of the
modern banknote. Clients could also withdraw money by
writing a note requesting a sum to be paid to a third
party (the forerunner of the modern cheque).
Today’s Treasury dates back to the Norman Conquest
and ‘Henry the Treasurer’‚ who was referred to in the
Doomsday Book and who is believed to have served
William the Conqueror. By the 17th century, tax
collection was taken out of private hands and
CONTACT NUMBERS
Unless indicated otherwise, all addresses in this
supplement are in London, and the telephone/facsimile
numbers commence with:
020 – for dialling from within the UK (but outside
London), or
+44 20 – for international calls.
Numbers starting with ‘7’, thereafter, are in central
London, while ‘8’ designates locations farther out. The
numbers for central London are now in short supply,
and a new designation, ‘3’, has entered use.
6/10/08 15:41:34
 LONDON

AIM: INDUSTRIAL METALS*

BIG BANG Admission Nominated Adviser Mkt Cap (£m) #
1 COPPER RESOURCES Apr-05 Nabarro Wells & Co Ltd 108.99
In October 1986, the UK government deregulated the 2 KALAHARI MINERALS Mar-06 BlueOar Securities plc 47.47
financial market in a banking revolution that for the first
3 CHURCHILL MINING Apr-05 BlueOar Securities plc 38.81
time allowed ‘City’ firms to operate in a dual capacity
(as both broker and dealer). 4 DISCOVERY METALS Jun-07 RFC Corporate Finance Ltd 27.56
Physical trading conducted on market floors began 5 GLADSTONE PACIFIC Mar-05 Grant Thornton UK LLP 24.32
to wane and new, international, players entered the 6 AFRICAN COPPER Nov-04 Numis Securities Ltd 19.73
market. Banking regulation transferred from the Bank of 7 TOLEDO MINING Apr-04 Ambrian Partners Ltd 18.10
England to the newly-formed Financial Services 8 NATASA MINING Aug-06 W H Ireland Ltd 17.92
Authority (FSA) in June 1998. 9 NIGER URANIUM Sep-07 Beaumont Cornish Ltd 16.22
Recent years have seen a geographical widening of
10 MURCHISON UNITED Jul-07 RFC Corporate Finance Ltd 15.23
the financial community outside the traditional square
mile of the city (ie the area inside the old Roman wall). 11 BRINKLEY MINING Jun-06 Beaumont Cornish Ltd 6.41
Canary Wharf, in particular, has grown in importance. 12 URANIUM RESOURCES Feb-05 Nabarro Wells & Co Ltd 5.28
* list excludes Globe Speciality Metals, Acertec, Kiwara and Watermark Global, which are not conventional ‘mining’ companies
# end-August value
nationalised. By the 1730s, a version of the annual Budget EXCHANGING STOCKS the business was re-established with formal membership.
had been established (a word deriving from ‘bougette’, a London offers an unrivalled pool of international The following year the Exchange moved into a new building
wallet in which money or documents could be kept). capital and expertise, and at the centre of this is the in Capel Court. In 1972 a new, 26-storey, office block was
The Bank of England was founded in 1694 to act as London Stock Exchange (LSE). If banking can trace its built with a 2,100m2 trading floor, and the first female
the government’s banker and debt manager, and by the roots back to the ‘crafts’ of the Middle Ages, the LSE members were admitted to the market the following year.
18th century the term ‘National Debt’ was conceived to owes its development to the English passion for Deregulation of the market in 1986, known as the ‘Big
describe the ever-growing mountain of loans. During coffee. In 1698, John Castaing drew up the first known Bang’ (see box), meant that trading moved from being
see box
WWI, the debt soared to £7 billion and after WWII list of stock prices at an establishment known as conducted face-to-face on a market floor to being
ended in 1945 the bank was nationalised. Jonathan’s Coffee House in Change Alley. performed via computer and telephone from separate
London’s port had contributed enormously to the In 1773, a group of 150 stockbrokers erected their own dealing rooms. The Exchange also became a private
city’s importance by giving it access to continental building in Sweeting’s Alley, with a dealing room on the limited company.
markets. By the end of the 16th century, England ground floor (officially christened the Stock Exchange a few In 1997, the Stock Exchange Electronic Trading
dominated the lucrative international wool trade. years later).The modern Exchange was born in 1801 when Service (SETS) was launched to bring greater speed and

October 2008 Mining Journal special publication 3

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 LONDON

MAIN BOARD: INDUSTRIAL METALS

Sub Sector Mkt Cap (£m) #
‘UK’ Listing Category
1 KAZAKHMYS Non-ferrous Metals 6,915.3
2 FERREXPO Steel 1,576.4
3 ARICOM Steel 545.3
‘International’ Listing Category
1 EVRAZ GROUP Steel 14,714.8
2 NOVOLIPETSK IRON AND STEEL Steel 12,660.5

Photo: Bloomberg
3 OAO SEVERSTAL Steel 9,351.6
4 NORSK HYDRO ASA Aluminium 7,627.9
5 POSCO Steel 3,072.2 Workers at Canary Wharf ’s financial district, London
6 FIRST QUANTUM MINERALS Non-ferrous Metals 2,383.8
7 JIANGXI COPPER CO Non-ferrous Metals 1,144.7 In November last At end of August there were 3,213 companies listed
8 KGHM POLSKA MIEDZ Non-ferrous Metals 774.9 year, the European on London’s main board (in both the ‘UK’ and
9 VIMETCO NV Aluminium 700.2 Union’s Markets in ‘International’ listing categories) and on AIM, with a
10 TALVIVAARA MINING CO Non-ferrous Metals 688.2 Financial Instruments combined market capitalisation of £3,720 billion. Of
Directive (MiFID) these companies, 237 were in the mining or industrial
11 MAGNITOGORSK IRON & STEEL Steel 546.9
came into effect, metals categories, with a total value of £314 billion (8.4%
12 OAO TMK Steel 504.2 replacing the of the total).
13 INTERNATIONAL FERRO METALS Steel 379.3 Investment Services There are 54 companies in the mining/metals sector
14 STEEL AUTHORITY OF INDIA Steel 275.1 Directive (ISD). on the main board (see below), with a market capitalisa-
see below
15 CHELIABINSK ELEKTROLIT Non-ferrous Metals 32.5 MiFID introduces tion of some £300 billion. The turnover of these shares in
16 EL EZZ STEEL REBARS Steel 10.2 new, and more August was worth £24.3 billion.
TOTAL = 63,904.1 extensive, LSE MAIN BOARD (54 mining/metals companies)
requirements that Listing category
# end-August value
firms have to adopt, Sector UK International
efficiency to the market. The CREST settlement service in particular with regard to their business and internal Mining* 17 18
was also launched. organisation. Industrial Metals* 3 16
In 2000, the LSE’s role as the UK Listing Authority MiFID affects all market participants, from buy and * see separate tables
under HM Treasury was transferred to the Financial Serv- sell-side companies to vendors and exchanges.
ices Authority (FSA). Shareholders also voted to become On its website, the LSE notes that its business has MINING AIM
a public limited company, which was listed in 2001 to four core areas: AIM is the LSE’s international market for smaller
coincide with the 200th anniversary celebrations. Equity markets – enabling companies from around companies, and was launched in June 1995 with the
A new international equity derivatives business (EDX the world to raise the capital they need to grow; objective of offering smaller companies the chance to
London) was created in 2003 in partnership with OM Trading services – the LSE provides the trading raise capital on a market with “a pragmatic and
Group. The LSE acquired Proquote Ltd, a new generation platforms used by broking firms around the world to appropriate approach to regulation”.
supplier of real-time market data and trading systems. buy and sell securities; At the end of August there were 1,625 companies on
In 2004 the LSE moved to a purpose-built new Market information – supply of real-time prices, AIM, with a combined market capitalisation of £78 billion.
headquarters in Paternoster Square, close to St Paul’s news and other information to the global financial Although the largest company on AIM has a market
Cathedral. Last year, the LSE merged with Borsa Italiana community; capitalisation of £2.2 billion (with a further two having
to create Europe’s leading equity platform. Derivatives – trading in equity derivatives. values of over £1 billion), most are grouped around a

exchange code: MIRL minera@irl.com.pe

4 October 2008 Mining Journal special publication

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 LONDON

MAIN BOARD: MINING (INTERNATIONAL LISTING) MAIN BOARD: MINING (UK LISTING)
Sub Sector Mkt Cap (£m) # Sub Sector Mkt Cap (£m) #
1 ANGLO PLATINUM Platinum & Precious 14,649.7 1 RIO TINTO General Mining 52,368.0 (1)
2 IMPALA PLATINUM HLDGS Platinum & Precious 10,345.2 2 ANGLO AMERICAN General Mining 38,812.2
3 NEW WORLD RESOURCES Coal 4,094.2 3 BHP BILLITON General Mining 37,916.4 (2)
4 YAMANA GOLD Gold Mining 3,899.5 4 XSTRATA General Mining 29,791.3
5 HARMONY GOLD MINING Gold Mining 2,732.9 5 EURASIAN NATURAL RESOURCES General Mining 12,941.9
6 AQUARIUS PLATINUM Platinum & Precious 1,282.9 6 ANTOFAGASTA General Mining 6,107.4
7 ANGLOGOLD ASHANTI Gold Mining 821.4 7 LONMIN Platinum & Precious 5,386.9
8 POLYUS ZOLOTO OAO Gold Mining 584.0 8 VEDANTA RESOURCES General Mining 5,208.1
9 GEM DIAMONDS Diamonds & Gems 551.1 9 FRESNILLO Platinum & Precious 2,902.7
10 METOREX General Mining 434.4 10 RANDGOLD RESOURCES Gold Mining 2,898.6
11 KENMARE RESOURCES General Mining 262.3 11 HOCHSCHILD MINING Platinum & Precious 774.5
12 POLYMETAL OJSC Platinum & Precious 227.6 12 UK COAL Coal 676.2
13 NAMAKWA DIAMONDS Diamonds & Gems 170.0 13 KAZAKHGOLD GROUP Gold Mining 431.8
14 SHALKIYAZINC NV General Mining 15.4 14 ANGLO PACIFIC GROUP General Mining 191.7
15 HWANGE COLLIERY Coal na 15 CENTRAL RAND GOLD Gold Mining 172.6
16 REPUBLIC GOLDFIELDS Gold Mining na 16 BISICHI MINING Coal 38.3
17 STILFONTEIN GOLD MINING Gold Mining na 17 ANGLESEY MINING General Mining 22.5
18 ZCCM INVESTMENTS General Mining na # end-August value; (1) Dual-listed company. Market value in London aprox 80% of group total (circa
US$125 billion at end-August); (2) Dual-listed company. Market value in London aprox 40% of group total
# end-August value (circa US$165 billion at end-August).
market capitalisation of just £10-20 million. shares outperformed the AIM All-share index during the and Gas Companies’ in March 2006, and made changes to
Of these companies, 183 are listed by the LSE in the quarter to end-June, with a 3% improvement. This was led the AIM rulebook in February last year. Two of the main
mining and industrial metals sectors (although the by coal-mining shares, which jumped 69% during the changes in the latter were that Nomads were given their
categorisation of a few are rather dubious, and five period. Gold shares, in contrast, fell by an average of 11%. own set of rules, and that all AIM companies were
companies have been removed from our lists here). These Fundraising on AIM by the mining sector rebounded in required to display important management and financial
companies had a combined market capitalisation of the June quarter, with total capital raising increasing 73% information on their websites.
£13.3 billion at the end of August, which represents over to £510 million (25% of the total funds raised on AIM). The rulebook for advisers includes advice on how to
17% of the AIM total. The turnover in mining/metals Three mining initial public offerings and consistently achieve a “sound understanding of the company hoping
shares on AIM in August was £524 million. strong secondary fundraising contributed to this total. to join the market”. In particular, Nomads are now
On September 11, Ernst & Young published its latest Contrary to expectations, listing activity also picked up encouraged to have sufficient specialist expertise in-
Mining EYe. The quarterly report noted that AIM mining across the market, although the numbers still remain house (or access to such advisers).
historically low.
The E&Y report notes, however, that “volatility was
the overriding trend during the quarter” and that Saint Barbara LLP
companies are now reporting difficulties in raising finance, 9 John Street,
Hudson and “face the real prospect that they may be unable to London, WC1N 2ES
53-64 Chancery Lane fund ongoing development of projects”. Tel: +44 (0)20 7404 2211
London, WC2A 1QS Fax: +44 (0)20 7404 2299
Tel: +44 (0)20 7187 6000 AIM RULES E-mail: info@saintbarbara.com
Email: will.coetzer@hudson.com Companies do not need a particular financial track record Website: www.saintbarbara.com
Website: www.hudson.com or trading history to join AIM. There is also no minimum Key contacts:
Key contacts: requirement in terms of size or number of shareholders. Mike Anthony – mike.anthony@saintbarbara.
Will Coetzer – Consultant, International & Specialist advisers are crucial to the market’s success, and com
Emerging Markets range from dedicated Nominated Advisers (Nomads) who Andy Wells – andy.wells@saintbarbara.com
Services offered: Valuation, Competent play a central role in the life of an AIM company, through Geoff Mason – geoff.mason@saintbarbara.com
Person’s Reports to lawyers, accountants and brokers. Other important Services offered:
Major clients: Top global mining houses and participants and stakeholders include investors, public Due Diligence and Valuation, Competent Person’s
EPCMs relations and investor relations agencies. Reports, Technology Advice, Insurance Audits, Expert
Company profile: On its website, AIM lists 30 London-based Nomads Witness and Dispute Resolution, Market Studies
Hudson is a Nasdaq-listed leading international
with a mining specialisation. A company applying to join AIM Major clients:
recruitment organisation with revenues in excess
is required to appoint an authorised Nomad, which will act Mining Companies, Investment Banks, Lawyers and
of $1.4 billion. We have over 3,500 experienced
as the principal quality-control mechanism, and carry out Solicitors, Insurers and Re-insurers
Consultants in more than 25 countries. The
London based International & Emerging Markets checks before signing a declaration that the particular Company profile:
Team mainly covers process industries globally company is appropriate and ready to come to AIM. Saint Barbara LLP has been providing in-depth
(mining, oil & gas, manufacturing). Assignments AIM has its own rulebook, which consists of succinct knowledge and expertise to the mining industry
have been completed in over 30 countries rules, schedules and guidance notes. The LSE claims that since 1992. Our consultants specialise in a wide
including Equatorial Guinea, Guinea, South Africa, the rules are “clear and concise, and have been written in range of disciplines from geology and mining
Brazil, Libya, Nigeria, Mauritania, Algeria, Qatar, plain English to make them as transparent and through to mineral processing, extractive metallurgy
UAE, Saudi Arabia, Oman, India, Philippines, comprehensible as possible to all professional market and marketing. We have brought our skills to
Australia, FSU (Kazakhstan, Kyrgyzstan), participants”. The rulebook is updated via what the LSE bear on a large number of scoping, prefeasibility,
Azerbaijan, Russia, the Caribbean and many describes as “an ongoing process of consultation between feasibility studies and valuations over the years.
more. Mid to senior technical and commercial the Exchange and the AIM community, to ensure that the We pride ourselves on offering top quality
professionals recruited including lead engineers rules are pragmatic and practicable, and that they remain individuals and small teams tailored to our
across disciplines and general managers. appropriate for smaller growing companies”. clients’ needs.
The LSE published a ‘Guidance Note for Mining, Oil

October 2008 Mining Journal special publication 5

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 LONDON

MAP 1: LONDON AND ENVIRONS

Stevenage Stansted
B E D S
Luton
Lu
Bishop's
Berkhamstead
Berk hamstead A1M Stortford
tford
tford
Hert
He rtford
PKF (UK) LLP 1 M1 M11
Farringdon Place, 20 Farringdon Road, HERTFORDSHIRE
London EC1M 3AP Harlow
St Albans
Tel: +44 (0)20 7065 0000
Fax: 44 (0)20 7065 0650 E S S E X
Amersham M25
Email: mining@uk.pkf.com
Website: www.pkf.co.uk
Watford
tf
tford
Key contacts: Detailed maps on
Stuart Barnsdall, Head of Mining and M40 Wembley
mbley p 7, 8-9 and 10
Resources – stuart.barnsdall@uk.pkf.com
Jeff Harris, Partner, Corporate Finance – Slough 3 2 City
Ci ty
jeff.harris@uk.pkf.com 4
9 5 6
Claudia Belsman, Marketing Executive – M4 Heathrow 7 8
claudia.belsman@uk.pkf.com Richmond Dart
Da rtfo
ford
fo
10 11
Services offered: Staines
Swanley
Wimbledon
Audits (statutory and non-statutory) in the UK Kingston-
Kingston-
and overseas; Reporting accountant work for 12
13 upon-Thames Croydon
flotation and follow-on fund raisings; IFRS con- M3 M25
15 A3 R
M20
sultancy; Share option valuations; Corporate tax Epsom
Woking
ing
advice (UK and International) on group structur- 14 M25
ing (in order to minimise tax liability) ;Registration Sevenoaks
Sevenoaks
of the Company with tax-efficient investor and
employee incentives, e.g.VCT and EMI reliefs; Reigate
Guildford
Guildf KENT
Advice on VAT registration and international VAT Gatwick
twick Tunbridge
unbridge We
Wells
M23
structuring; Expatriate tax advice; Business risk SURREY
analysis and advice on financial controls; Manage-
ment Consultancy services
Some of our clients: LONDON LOCATIONS
African Copper, Alexander Mining, Bisichi Mining, POST
MAP REF ADDRESS TEL
CODE
Cluff Gold, Encore Oil, European Nickel, Firestone
ACA Howe International 1 1 254 High St HP4 1AQ 01442 873 398
Diamonds, Kopane Diamond Developments,
MDM Engineering, Minera IRL, Ridge Mining ABN Amro 3 17 250 Bishopsgate EC2M 4AA 7678 8000
Company profile: Actis 3 65 2 More London Place SE1 2JT 7234 5136
PKF has a dedicated international mining, oil and 8 Angel Court,
Ambrian Partners Ltd 3 45 EC2R 7HP 7776 6465
gas team focussed on providing on-going advice Copthall Avenue
20 Carlton House
to corporates at all stages of development. Our Anglo American plc 2 10
Terrace
SW1Y 5AN 7968 8888
main areas of focus are on flotation, audit and tax Anglo Asian Mining plc 2 18 28 Bruton St W1J 6QW 7409 3232
advice we also provide other services that are
ANZ Bank 4 5 40 Bank St E14 5EJ 3229 2121
relevant to most companies at some stage during
their development. Our international network AON Group Inc 3 26 8 Devonshire Square ECM2 4PL 7623 5500
allows us to offer a “full service” and joined up Arbuthnot Securities Ltd 3 13 20 Ropemaker St EC2Y 9AR 7012 2000
approach to companies wherever they operate Berkeley Square House,
ArcelorMittal Co 2 20 W1J 6DA 7543 0099
and we currently advise clients with interests in Berkeley Square
Europe, Southern, Western and Northern Africa, Argent Partners Ltd 3 21 35 New Board St EC2M 1NH 7256 8661
South and North America, Asia and Australasia. Arian Silver Corp 2 14 43 North Audley St W1K 6WH 7529 7511
For more information on PKF’s mining capabilities Ashurst Morris 3 9 5 Appold St EC2A 2HA 7859 1894
and the diversity of the projects we are involved Aur Resources Inc 2 27 15-17 King St SW1Y 6QU 7321 6350
in, please visit our website. Avocet Mining plc 2 25 7th Floor, 9 Berkeley St W1J 8DW 7907 9000
Bache Financial Ltd 3 22 9 Devonshire Square EC2M 4HP 7283 9166
Baker Steel Ltd 2 21 86 Jermyn St SW1Y 6JD 7389 0009
Photo: Bloomberg

Baker Tilly 2 2 2 Bloomsbury St WC1B 3ST 7413 5100

Bankside Consultants Ltd 3 48 1 Frederick’s Place EC2R 8AE 7220 7477
Barclays Capital (two sites) 4 2 5 The North Colonnade E14 4BB 7419 4000
Neathouse Place,
BHP Billiton 1 4 SW1V 1BH 7802 4000
Victoria
Bisichi Mining plc 2 32 30-35 Pall Mall SW1Y 5LP 7415 5030
BlackRock Merrill Lynch 3 61 33 King William St EC4R 9AS 7743 3000
Blake, Cassels & Graydon 3 57 23 College Hill EC4R 2RP 7429 3550
Bloomsbury Minerals 2 1 121 Kingsway WC2B 6PA 7721 8085
Blue Ore Securities 3 28 30 Old Broad St EC2N 1HT 7448 4400
BMO Financial Group 3 78 95 Queen Victoria St EC4V 4HG 7489 8844
Brook Hunt 1 15 High St, Addlestone KT15 1TV 01932 878000
BullionDesk.com, The 3 29 12 Camomile St EC3A 7PT 7929 6339
Calderwood Han Ltd 3 4 29 Holywell Row EC2A 4JB 7377 5520

6 October 2008 Mining Journal special publication

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 LONDON

MAP 2: LONDON WEST END

11
2
1
off
map
12
13
14
15 16

17
4 3
18
19
7
5
20

21 8
22
9
24 23

25 6
26 32 10
27
28
29
30
31
33

off
map
34

35

POST POST
MAP REF ADDRESS TEL MAP REF ADDRESS TEL
CODE CODE
Cambrian Mining 2 22 27 Albermarle St W1S 4DW 7409 0890 CMS Cameron McKenna 3 68 160 Aldersgate St EC1A 4DD 7367 3000
Canaccord Capital Ltd 2 15 27 Upper Brook St W1K 7QF 7518 2777 College Hill Associates 3 54 78 Cannon St EC4N 6HH 7457 2020
Cazenove 3 44 20 Moorgate EC2R 6DA 7155 5522 Collins Stewart Ltd 3 35 88 Wood St EC2V 7QR 7523 8000
CDC Capital Partners 1 8 6 Duke St, St James SW1Y 6BN 7484 7700 Conduit PR 3 55 76 Cannon St EC4N 6AE 7429 6666
Celtic Resources Holdings 3 96 52-54 Stamford St SE1 9LX 7921 8800 Cottons Centre,
Control Risks Group 3 64 SE1 2QG 7970 2122
Cottons Lane
Cenkos Securities 3 46 6-8 Tokenhouse Yard EC2R 7AS 7397 8900
Cooper Gay & Co Ltd 3 30 52 Leadenhall EC3A 2EB 7480 7322
Charles Stanley Securities 3 3 25 Luke St EC2A 4AR 7953 2484
Credit Suisse (three sites) 4 1 1 Cabot Square E14 4QJ 7888 8888
Cottons Centre,
CIBC World Markets 3 63 SE1 2QL 7234 6000 CRU Group 3 83 31 Mount Pleasant Rd WC1X 0AD 7278 0414
Cottons Lane
Citigate 3 6 26 Finsbury Square EC2A 1SH 7282 8000 De Beers / DTC 3 87 17 Charterhouse St EC1N 6RA 7430 3443
Citigroup 4 7 33 Canada Square E14 5LB 7986 4000 Deloitte & Touche 3 89 1 Stonecutter St EC4A 4TR 7936 3000
Clifford Chance 4 8 10 Upper Bank St E14 5JJ 7006 1000 Deutsche Bank 3 23 1 Great Winchester St EC2N 2DB 7545 8000
Clyde & Co 3 60 51 Eastcheap EC3M 1JP 7623 1244 Endeavour Financial 1 5 50 Hans Crescent SW1X 0NA 7495 4400

October 2008 Mining Journal special publication 7

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 LONDON

MAP REF ADDRESS

POST
TEL MAP 3: LONDON ‘THE CITY’
CODE
Ernst & Young LLP 3 66 1 More London Place SE1 2AF 7951 2000
35-37 Grosvenor en
La
House of
Eurasia Mining plc 2 35 SW1W 0BS 7932 0418 re Gre

Ph o
Do
Gardens Squa

Sekforde
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8 October 2008 Mining Journal special publication

06-10_LondonSupp copy.indd 8 6/10/08 15:44:03

 LONDON

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October 2008 Mining Journal special publication 9

06-10_LondonSupp copy.indd 9 6/10/08 15:44:11

 LONDON

MAP 4: LONDON DOCKLANDS AND CANARY WHARF

Canary Wharf schematic

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1
Columbus
see schematic Courtyard
3 6 7 10
3 2 10 30 20
25 20 33 25 20
Jubilee Park Mongomery Square

9 5 8
20 25 5 50 10

Bank Street Upper Bank

Street

POST POST
MAP REF ADDRESS TEL MAP REF ADDRESS TEL
CODE CODE
Nomura International plc 3 75 1 St Martin’s EC1A 4NP 7521 2000 PKF LLP 3 86 20 Farringdon Rd EC1M 3AP 7065 0000
Norilsk Nickel 2 31 57 St James’s St SW1A 1LD 7565 6861 PricewaterhouseCoopers 2 6 1 Embankment Place WC2N 6RH 7212 2892
Norton Rose 3 25 35-37 Camomile St EC3A 7AN 7283 6000 RAB Capital plc 2 5 1 Adam St WC2N 6LE 7389 7044
Numis Securites Ltd 3 76 10 Paternoster Square EC4M 7LT 7260 1000 RBC Capital Markets 3 81 1 Queenhithe EC4V 4DE 7653 4000
Old Mutual plc 3 79 2 Lambeth Hill EC4V 4GG 7002 7000 Reuters Building,
Reuters 4 6 E14 5EP 7542 3055
South Colonnade
Orbis Equity Partners Ltd 2 11 57-61 Mortimer St W1W 8HS 3178 4907
Ridge Mining 2 3 5 Lancaster Place WC2E 7EN 7379 1474
Oriel Resources plc 2 13 1 Red Place W1K 6PL 7514 0590
Rio Tinto plc 3 36 5 Aldermanbury Square EC2V 7HR 7781 2000
Oxygen Insurance 3 32 117 Fenchurch Avenue EC3M 5DY 0870 1142643
Roskill Consulting 1 11 27a Leopold Rd SW19 7BB 8944 0066
Pelham PR 3 49 1 Cornhill EC2V 3ND 3159 4395
Royal Bank of Scotland 3 20 135 Bishopsgate EC2M 3UR 7085 5000
Peter Hambro Mining 2 34 11 Grosvenor Place SW1X 7HH 7201 8900
Prince Consort Rd,
Royal School of Mines 1 3 SW7 2BP 7594 7333
Imperial College
Saint Barbara Consultancy 3 84 9 John St WC1N 2ES 7404 2211
Saint James’s Corporate 2 30 6 St James’s Place SW1A 1NP 7499 3916
Scotia Capital Markets Inc 3 8 33 Finsbury Square EC2A 1BB 7638 5644
Scott Wilson Ltd 1 7 6-8 Greencoat Place SW1P 1PL 7798 5000
Seymour Pierce 3 90 20 Old Bailey EC4M 7EN 7107 8000
Simmons & Simmons LLP 3 11 1 Ropemaker St EC2Y 9SS 7628 2020
SNC Lavalin (UK) Ltd 1 12 17 Addiscombe Rd CR0 6SR 8681 4250
Snowden Mining Abbey House,
1 13 KT13 0TT 01932 268701
Consultants Wellington Way
Société Générale CIB 3 33 41 Tower Hill EC3N 4SG 7676 6000
Standard & Poor’s 4 10 20 Canada Square E14 5LH 7176 3605
Standard Bank plc 3 58 25 Dowgate Hill EC4R 2SB 7815 3000
Standard Chartered 3 37 1 Basinghall Avenue EC2V 5DD 7885 8888
Stikeman Elliott LLP 3 47 4B Frederick’s Place EC2R 8AB 7367 0150
Thomas Weisel Partners 3 14 10 Dominion St EC2M 2EE 7877 4300
UBS 3 19 1 Finsbury Avenue EC2M 2PP 7567 8000
Union Securities Ltd 2 19 33 Cork St W1S 3NQ 7851 0250
Vedanta Resources 2 24 16 Berkeley St W1J 8OZ 7499 5900
VSA Capital 3 27 14 Austin Friars EC2N 2HE 7096 9580
Wardrop Engineering 1 2 132A Brondesbury Rd NW6 6SB 7625 6308
Watson, Farley & Williams 3 15 15 Appold St EC2A 2HB 7814 8000
West LB 3 38 25 Basinghall St EC2V 5HA 7020 2000
1 Angel Court,
Westhouse Securities 3 42 EC2R 7HJ 7601 6100
Copthall Avenue
WH Ireland 3 59 24 Martin Lane EC4R 0DR 7220 1666
180 Upper
World Coal Institute 1 10 SW15 2SH 8246 6611
Richmond Rd
World Gold Council 3 24 55 Old Broad St EC2M 1RX 7826 4700
Xstrata 2 7 25 Haymarket SW1 4EN 7968 2800
Photo: Bloomberg

10 October 2008 Mining Journal special publication

06-10_LondonSupp copy.indd 10 6/10/08 15:44:25

 LONDON
AIM: MINING CATEGORY*
Sector Mkt Cap Sector Mkt Cap Sector Mkt Cap
(£m) # (£m) # (£m) #
1 CENTRAL AFRICAN General 849.03 68 OVOCA GOLD General 26.13 135 CAMBRIDGE MINERAL General 3.64
2 ORIEL RESOURCES General 779.22 69 CHAARAT GOLD HLDGS Gold 25.52 136 CONNEMARA MINING General 3.60
3 PETER HAMBRO MINING Gold 719.78 70 FINDERS RESOURCES General 23.60 137 KALIMANTAN GOLD Gold 3.54
4 COAL OF AFRICA General 581.26 71 DIAMONDCORP Diamonds 23.36 138 EURASIA MINING Precious 3.53
5 EASTERN PLATINUM Precious 424.92 72 MANO RIVER RESOURCES General 23.04 139 CONDOR RESOURCES General 3.30
6 WESTERN CANADIAN General 423.75 73 AURUM MINING Gold 21.92 140 BRAZILIAN DIAMONDS Diamonds 3.30
7 CENTAMIN EGYPT Gold 395.01 74 PENINSULAR GOLD Gold 21.01 141 ZEEHAN ZINC General 3.26
8 EUROPEAN GOLDFIELDS Gold 363.58 75 STRATEGIC NATURAL RES Coal 18.85 142 ARIANA RESOURCES Gold 3.26
9 HIGHLAND GOLD Gold 355.59 76 TANZANITE ONE General 18.69 143 MAGHREB MINERALS General 3.19
10 CAMBRIAN MINING General 282.77 77 METALS EXPLORATION General 18.21 144 CONROY DIAMONDS Gold 3.18
11 PLATINUM AUSTRALIA Precious 275.01 78 TRANS-SIBERIAN GOLD Gold 18.14 145 FALKLAND GOLD General 3.13
12 PETRA DIAMONDS Diamonds 209.43 79 ORMONDE MINING Gold 17.66 146 MINERVA RESOURCES Precious 3.07
13 PLATMIN LIMITED Precious 206.82 80 GLENCAR MINING Gold 17.53 147 SOLOMON GOLD Gold 3.05
14 AFRICAN MINERALS General 199.33 81 GMA RESOURCES Gold 17.02 148 MARIANA RESOURCES Gold 2.86
15 KIRKLAND LAKE GOLD Gold 195.16 82 RUSINA MINING General 16.65 149 TERTIARY MINERALS General 2.39
16 CALEDON RESOURCES Coal 167.98 83 SERABI MINING Gold 15.42 150 GREATLAND GOLD Gold 2.21
17 OXFORD ADVANCED General 162.42 84 AMUR MINERALS General 14.91 151 NAMIBIAN RESOURCES Diamonds 2.20
18 ALBIDON LTD General 159.60 85 BEZANT RESOURCES Gold 14.69 152 BEOWULF MINING General 2.12
19 PETMIN General 159.32 86 RAMBLER METALS General 14.55 153 MINCORP General 1.92
20 AVOCET MINING Gold 136.66 87 LANDORE RESOURCES General 14.06 154 NORTH RIVER RES General 1.53
21 SYLVANIA RESOURCES General 132.10 88 DIAMONEX Diamonds 13.97 155 SIRIUS EXPLORATION General 1.47
22 MWANA AFRICA General 122.99 89 SANATANA DIAMONDS Diamonds 13.96 156 UMC ENERGY General 1.46
23 ORSU METALS General 116.69 90 ARIAN SILVER Precious 13.81 157 SUNRISE DIAMONDS Diamonds 1.25
24 MOTO GOLDMINES Gold 102.88 91 AIM RESOURCES General 13.36 158 ALBA MINERAL RES General 1.01
25 GEMFIELDS RESOURCES Diamonds 98.93 92 GIPPSLAND General 12.95 159 GOLDSTONE RES General 0.98
26 NAUTILUS MINERALS General 94.08 93 KOPANE DIAMOND DEV Diamonds 12.08 160 CARNEGIE MINERALS General 0.83
27 GRIFFIN MINING General 91.53 94 GOLDPLAT Gold 11.77 161 EVERFOR RESOURCES Diamonds 0.37
28 CAPE LAMBERT IRON Gold 89.82 95 PALMARIS CAPITAL Coal 11.50 162 MONTO MINERALS General na
29 INTERNATIONAL CONS General 75.87 96 ANGLO ASIAN MINING General 10.72 163 PAN PACIFIC AGGREGATES General na
30 ATH RESOURCES Coal 73.94 97 ALTONA RESOURCES General 10.30 164 SOUTH CHINA RES General na
31 RIDGE MINING Precious 71.87 98 NORSEMAN GOLD Gold 10.19 165 TITANIUM RESOURCES General na
32 MEDUSA MINING LD Gold 71.08 99 STRATEX INT General 9.96 166 XCELDIAM Diamonds na
33 EUROPEAN NICKEL General 70.21 100 MERCATOR GOLD Gold 9.81 TOTAL = 10,521.76
34 OBTALA RESOURCES General 67.45 101 ZAMBEZI RESOURCES General 9.64 * list excludes Green Dragon Gas
# end-August value
35 MINERAL SECURITIES General 64.61 102 VANE MINERALS General 9.51
36 GCM RESOURCES Coal 63.65 103 AFRICAN EAGLE RES Gold 9.03
37 SUNKAR RESOURCES General 59.54 104 CENTRAL AFRICAN GOLD Gold 8.87
38 ZINCOX RESOURCES General 58.75 105 LATITUDE RESOURCES General 8.09
39 ALLIED GOLD Gold 56.08 106 NEPTUNE MINERALS General 8.07
40 PAN AFRICAN RES Gold 55.03 107 TRIPLE PLATE JUNCTION Gold 7.95
41 OXUS GOLD General 53.47 108 KRYSO RESOURCES General 7.92
42 ARCHIPELAGO RES Gold 53.30 109 MINMET General 7.61 Meyer Hosking & Associates
43 WEATHERLY INT General 51.69 110 GALANTAS GOLD Gold 7.47 Highview House
44 JUBILEE PLATINUM Precious 47.97 111 BAOBAB RESOURCES General 7.32 Tattenham Crescent
45 BRAEMORE RESOURCES General 45.78 112 LITHIC METALS & ENERGY General 7.15 Epsom Downs, Surrey
46 LEYSHON RESOURCES Gold 43.66 113 MINCO General 6.96 KT18 5QJ
47 EMED MINING PUBLIC Gold 42.87 114 UNION RESOURCES General 6.70 Tel: +44 (0) 1737 365119
48 NOVENTA General 42.41 115 KIMCOR DIAMONDS Diamonds 6.37 Fax: +44 (0) 1737 365117
49 FIRESTONE DIAMONDS Diamonds 41.98 116 CENTRAL CHINA Gold 6.37 E-mail: info@meyerhosking.co.uk
50 MINERA IRL Gold 39.30 117 HIDEFIELD GOLD Gold 6.24 Website: www.meyerhosking.co.uk
51 CLUFF GOLD Gold 39.19 118 VAN DIEMAN MINES General 5.97 Brian Hosking
52 CHINA GOLDMINES Gold 38.54 119 ALEXANDER MINING General 5.89 Tel: 07766 915117
53 AFRICAN DIAMONDS Diamonds 38.49 120 HERENCIA RESOURCES General 5.77 E-mail: brian@meyerhosking.co.uk
54 MONTERRICO METALS General 36.03 121 TARGET RESOURCES Diamonds 5.51 Services offered: Executive search and selec-
55 VATUKOULA GOLD General 35.67 122 THOR MINING General 5.39 tion remuneration advice
56 BERKELEY RESOURCES General 35.48 123 MOYDOW MINES Gold 5.23 Company profile: Based close to London in
57 CALEDONIA MINING Precious 34.68 124 FRONTIER MINING General 4.80 the United Kingdom but working internationally,
58 URUGUAY MINERAL Diamonds 33.09 125 RED ROCK RESOURCES General 4.57 Meyer Hosking & Associates is a specialist Execu-
59 CHROMEX MINING General 32.77 126 ANGUS & ROSS Gold 4.24 tive Search Consultancy working closely with its
60 PANGEA DIAMONDFIELDS Diamonds 32.12 127 KARELIAN DIAMOND RES Diamonds 4.16 clients in the mining, metals and energy sectors,
61 AFRICAN CONSOLIDATED Gold 32.08 128 PERSIAN GOLD Gold 4.12 advising and assisting in their recruitment of
62 HAMBLEDON MINING Gold 31.67 129 LAPP PLATS General 3.90 senior executives and professionals. Within this
63 PATAGONIA GOLD Gold 30.28 130 SHANTA GOLD Gold 3.89 industry we know a lot of people, have extensive
64 GREYSTAR RESOURCES General 29.66 131 REGENCY MINES General 3.85 sector knowledge, pay constant attention to
65 ENERGYBUILD GROUP Coal 28.60 132 CAPE DIAMONDS Diamonds 3.79 detail and – above all – provide a personal service
66 DWYKA RESOURCES General 28.29 133 KEFI MINERALS General 3.73 by working in partnership with each client.
67 EMERGING METALS General 28.11 134 W. AFRICAN DIAMONDS Diamonds 3.67

October 2008 Mining Journal special publication 11

11_LondonSupp.indd 11 6/10/08 15:47:36

 LONDON
Test of time
Like so much else in the UK,
London can trace its origins
back to the Romans
S
ETTLEMENT along the River Thames can be
dated back almost 2,000 years to the
establishment of a river crossing at
Londinium (now Westminster). By 60AD the
town had grown to a sufficient size to
warrant sacking by Boudicca, the Queen of the Iceni
tribe, when she led a revolt against the Roman invasion.
Boudicca failed in her attempts to send the Romans
back to Rome, and they were to rule large parts of
Britain for the next 350 years. London was regularly the
target of attack for the early part of this period, and the
Romans constructed a defensive wall around the city in
about 200AD (remains are still visible along the
thoroughfare known as London Wall).
The Roman troops withdrew from Britain in about 410,
and for almost two centuries (during the Saxon invasion
and settlement of England) London lost its prominence as
a centre of commerce. It was not until after Pope Gregory
sent Augustine to convert the English to Christianity in
596 that London began to re-establish itself.
London was reborn under the rule of Alfred the Great
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12 October 2008 Mining Journal special publication
12-13_LondonSupp.indd 12
at the end of the 9th century. King Alfred is widely
credited as being the founder of modern-day London as
he moved the sprawling settlements back inside the old
Roman walls and fortified the city against the Danes.
However, the Danish king Knut (or Canute), who
ruled for 24 years from 1016, also has a claim to being
the city’s founder as he replaced Winchester as England’s
capital with London. Excavating a Roman cemetery in London
In 1042, the throne reverted to an English king,
Edward the Confessor, who devoted himself to building (trade and fishing rights). However, taxes generally grew to
England’s grandest church (Westminster Abbey) 3km exorbitant levels and in 1215 (another famous date) King
west of the city walls at Thorney. Edward moved his John was forced by rebel barons (and the newly-established
court to the new Palace of Westminster, and London Mayor of London) to sign the Magna Carta.This charter
began to grow around two centres – Westminster (as the restrained the king’s power and established personal rights
centre for the royal court and government) and the City and political freedom for the people.The first recognised
of London (as the commercial centre). Parliament was held in 1295 in Westminster Hall.
Harold ascended to the throne on Edward’s death London had a population of some 80,000 by the end
(only a week after his new abbey had been consecrated). of the 13th century, and the beginnings of a consumer
However, Edward’s cousin, William, Duke of Normandy, society. The wealth to be found in London also saw the
claimed that the late king had promised the throne to establishment of numerous town houses for bishops,
him. In one of the most memorable dates in English priors and courtiers, particularly in the area between the
history, William defeated Harold at the Battle of Hastings City and Westminster (now occupied by the Strand).
in October 1066. Some of the houses, such as that of the Bishop of
The Norman kings continued to allow merchants in the Winchester in Southwark, were stone-built and
city to raise taxes, resulting in London being formally surpassed some London churches in size.
recognised as a self-governing body in 1191.This was Trade continued to flourish during the 14th century.
extended in 1197 to include control of the River Thames However, the rapid rise in population led to poor hygiene
Standard Chartered Bank
Project and Export Finance Group
1 Basinghall Avenue
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Website: www.standardchartered.com
Key Contacts:
David Trafford, Managing Director Mining & Metals
Tel: +44 (0)20 7885 5459
Email: David.Trafford@standardchartered.com
Russell Amor, Director Mining & Metals
Tel: +44 (0)20 7885 6792
Email: Russell.Amor@standardchartered.com
Services Offered:
■ Project Finance (non recourse/limited recourse) – Advisory, structuring,
arranging, under-writing and financing, Structured finance – including lease/tax based,
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Single and multi-sourced financings
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metals, base metals, energy, soft’s
Locations: London, New York, Johannesburg, Dubai, Mumbai, Beijing, Shanghai and
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Company profile:
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Euromoney 2007:
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6/10/08 15:48:40
 LONDON

(there was no real sewerage system and the city’s water serving British prime ministers. The 20th century brought further dramatic change.
supply came almost directly from the polluted Thames). The 18th and 19th centuries saw tremendous growth The suburbs continued to expand, particularly to the
The ‘Black Death’ plague of 1348-49 wiped out almost in the capital, in terms both of population and of the northwest during the 1930s, but the biggest changes to
one-third of England’s population, and the epidemic was built-up area. New suburbs spread rapidly, and more central London followed the devastation caused during
to reappear several times over the next three centuries. bridges were built over the Thames, encouraging further the World War II aerial ‘blitz’ of 1940. By 1945 about one-
The next major developments in London came during expansion to the south of the river (until 1750, when third of the City and East End had been completely
the reign of Henry VIII. After the Pope refused a request Westminster Bridge was built, London Bridge had been destroyed. Unfortunately, the rebuilding programmes were
in 1527 to annul Henry’s marriage to Catherine of the only bridge over the Thames). hastily executed and poorly funded, resulting in many sub-
Aragon (the first of his six wives), the country became London’s expansion during the Victorian era was standard buildings (such as the unattractive high-rise
Protestant virtually overnight, and all property owned by significantly aided by the development of a public blocks of flats that dominate many housing estates).
the Catholic Church was confiscated. The resultant transport system. This began with horse-drawn buses, In 1980, the London Docklands Development
redevelopment transformed the face of London. Henry’s first seen on the streets in 1829, but the revolution really Association was formed with a remit to regenerate the
more positive achievements included the annexing of came with the first passenger railway between Docklands, a largely-derelict area extending some 13km
land which became the Royal Parks (including Hyde, Greenwich and London Bridge, which opened in 1836. east of Tower Bridge. Lying at the heart of the
Regent’s, Greenwich and Richmond). The first underground railway, between Paddington and subsequent development has been Canary Wharf, located
The throne subsequently passed to Henry’s son Farringdon Road, was completed in 1863. In 1890, the at what was originally the site of a cargo warehouse at
Edward and then to his eldest daughter Mary, who first electric track in a deep tunnel (the ‘tube’) opened the West India Docks. Opened in 1991, Canary Wharf is
attempted to revive the Catholic Church. During her between Stockwell and the City. now an important financial centre.
brief reign (1553-58), over 300 Protestants were burned
at the stake. Mary’s sister, Elizabeth, was subsequently to
reign for the next 45 years. During this memorable
period in English history, the Royal Exchange was O perations experience
founded (1566), giving London its first trading centre and can change theoretical
enabling the city to become Europe’s foremost centre of solutions into practical and
commerce. Increasing trade encouraged hundreds more
profitable outcomes. A
people to settle in the capital, bringing London’s total
population to over 200,000 by Elizabeth’s death in 1603. simple change to a client’s
One of the developments of the Elizabethan age that mining method turned a
is best remembered today is the rise of English drama. theoretical loss into a very
Two of the most famous playrights in English-speaking profitable outcome.
history, Shakespeare and Marlowe, were from this era.
Their plays were performed at the Rose and Globe Mines don’t just happen…
theatres at Bankside, an area notorious for brothels, they are made.
cock-fighting and other seedy pastimes.
When Charles I came to the throne in 1625, he became
very unpopular in London because of the rising levels of
tax. After his attempt (in 1642) to arrest five members of
solutions
parliament, England was plunged into civil war between the
Puritans, led by Oliver Cromwell, and the Royalists.The
war lasted seven years, ending in 1649 with Charles being
tried and executed for treason. Cromwell ruled the
country as a Commonwealth for 11 years.
Relaxation of the restrictions imposed by Cromwell
(including closure of theatres and banning of Christmas
celebrations) ensured much jubilation when the exiled
Charles II was restored to the British throne in 1660. His
reign, though, was a difficult one, and he was unfortunate
enough to preside over two disasters in quick succession.
First, a devastating plague, the likes of which had not
been seen since the Black Death three centuries earlier,
swept London in 1665, killing nearly 100,000 people.
Then in September of the following year a fire (which
began in a bakery in Pudding Lane and lasted for three
days) consumed over three-quarters of the capital,
including 87 churches and more than 13,000 houses.
The capital was quickly rebuilt, mainly following its old
street plan. It was at this time that Sir Christopher Wren
oversaw the building of 51 churches, including the world’s
first Protestant cathedral, St Paul’s. With the expansion of Over 600 professionals in 30
the joint-stock companies and the chance to invest offices on 6 continents.
capital, the ‘City’ area began to emerge as a financial,
rather than manufacturing, centre. Expert independent advice.
Britain’s first prime minister was appointed in the
early years of the 18th century during the reign of the
SRK Consulting
German-speaking George I. Parliament was controlled at Engineers and Scientists

this time by the Whig Party, led by Sir Robert Walpole. www.srk.co.uk
On the King’s behalf, Walpole chaired an assembly of
ministers. He was presented with 10 Downing Street as a Our global experience is your global experience
residence, which has remained the official dwelling of all

October 2008 Mining Journal special publication 13

12-13_LondonSupp.indd 13 6/10/08 15:48:41

 LONDON
Trading centre
The world’s premier
non-ferrous metals market
is in London
T
HE London Metal Exchange Ltd (LME)
traded 93 million lots in 2007, worth
US$9,500 billion, with 95% of this
business coming from overseas. The
Exchange specialises in the trading of
non-ferrous metals, and its contracts include copper,
primary aluminium, lead, zinc, nickel, tin, aluminium alloy,
silver and now plastics, plus an index (LMEX) that tracks
the six primary metals traded.
All LME contracts assume delivery of physical material.
However, very few LME contracts actually result in a
delivery (the vast majority of contracts being hedged
contracts bought or sold back before falling due).
Deliveries that do take place, either in or out of a
warehouse, strongly reflect the physical market demand
and supply. For non-ferrous metals contracts, the LME’s
daily stock reports play a major part in the assessment of through inter-office trading.
prices quoted by market makers.
Delivery of LME contracts is in the form of warrants
that are bearer documents. Each warrant entitles the
holder to take possession of one lot of material at a
specific LME-approved warehouse or storage facility.
In 1999, the LME introduced an electronic transfer
system, SWORD, for the production and transfer of title
of LME warrants. SWORD is a joint initiative between
the LME and the London Clearing House. The system
brought significant improvements to operational
efficiency and security through the immobilisation of
warrants within an approved depository – The
Depository and Clearing Centre.
From January 2000, the LME became a wholly-owned
subsidiary of a new company, LME Holdings Ltd (which
has 12 directors). The former members of the LME
retained their membership of the Exchange, and were
offered shareholdings in LME Holdings on a scaled basis
according to the type of member.
The LME has up to 13 directors – up to two invited
directors (who have substantial experience of the metals
industry and trade), up to three
independent directors and up to six CONTACT
shareholder representative directors of The London Metal Exchange Ltd
56 Leadenhall Street
LME Holdings (who are elected from
London, EC3A 2DX
the membership), plus a trade director
Tel: 7264 5555
and the LME’s chief executive. The
Fax: 7680 0505
board of LME Holdings is drawn up in a Web: www.lme.com
similar fashion.
Scott Wilson. From mine to port, your global mining solution
Scott Wilson’s Mining Group provides geological,
mine engineering, metallurgical, environmental and
geotechnical services for mining and financial solutions.
For further information contact: david.jf.smith@scottwilson.com
6-8 Greencoat Place, London SW1P 1PL T: +44 (0)20 7798 5000
www.scottwilson.com
14 October 2008 Mining Journal special publication
14-15_LondonSupp.indd 14
TRADING
Trading on the LME is carried out in three ways: open
outcry ‘ring trading’, the inter-office telephone market
and electronically via LME Select.
1. Ring trading
Traders sit at fixed points around a 6m circle, with
trading taking place throughout the day. Each LME
contract is traded in specific five-minute periods, known
as ‘rings’. All business that is required to be dealt across
the floor must be passed through a ring-dealing member,
of which there are 12 at present.
A significant proportion of all LME contracts are
traded in the ring sessions, including the kerb (the closing
prices), or as a result of that trading.
The ring sessions, and especially the second morning
rings (from which official prices emerge), concentrate
liquidity because the physical trade requires prices
as close as possible to the daily and monthly
settlement prices. This concentration of liquidity
ensures both transparency of pricing and more
representative prices than may be obtained
2. Inter-office telephone trading
The ring offers the traditional benefits of transparency
attached to a physical, open outcry marketplace, but it is
available for only a part of the 24-hour working day. The
inter-office trading system deals like a foreign exchange,
bond or stock markets, but then clears like a ring-traded
contract. In other words, people can see an indicative
price on a screen as they contact a broker, and then
complete a deal. Brokers continue to provide indicative
prices that are available through vendor screens. The
actual prices quoted to a prospective client by a broker
will not necessarily be identical to the indicative prices,
but will depend on the size of the deal, the state of the
market and on the client’s credit rating and relationship
with the broker.
3. Select trading system
LME Select is the official exchange-operated electronic-
trading platform, available in addition to open-outcry ring
trading and the telephone market. Member firms are
connected to the system, which allows accredited traders
to execute trades electronically.
The system allows trading on all
LME contracts, futures, options, traded
average price options and carries. It
will also allow for straight-through
processing whereby LME Select trades
will automatically be sent to the
exchange’s matching and clearing
systems.
METALS TRADING HISTORY
International trade in metals could be said to have
commenced in Britain when the Romans invaded in
43AD, and extracted the large deposits of copper and tin
ore in Cornwall and Wales. However, the origins of the
London Metal Exchange can be traced back only as far as
the opening of the Royal Exchange in London in 1571
during the reign of Queen Elizabeth I. It was there that
traders in metal and a range of other commodities began
to meet on a regular basis. At first the traders merely
dealt in physical metal for the domestic market but
Britain soon became a major exporter of metals and
European merchants arrived to join these activities.
In the early 19th century there were so many
commodity traders, ship charterers and financiers using
the Royal Exchange that it became impossible to do
business, and individual groups of traders set up shop in
the nearby city coffee houses. The Jerusalem Coffee
House off Cornhill became a favourite of the metal
trading community. There the tradition of the ring was
born. A merchant with metal to sell would draw a circle
in the sawdust on the floor and call out “change”, at
which point all those wishing to trade would assemble
around the circle and make their bids.
In the early part of the 19th century the UK was self-
sufficient in copper and tin, and quoted prices remained
fixed for long periods. Everything changed with the
advent of the Industrial Revolution, and the UK quickly
became the most technologically-advanced country in
the world, importing large amounts of metal from abroad.
The metal traders faced with a real problem because,
having bought ores and concentrates from as far away as
Chile and Malaya (as it was then), they had no way of
knowing what the price would be when the ships arrived
some months later.
The import of large tonnages from overseas at
irregular intervals put merchants and consumers
seriously at risk. Technology came to their aid with the
invention of the telegraph. Intercontinental lines of
communication were established, and the change from
sail to steam ships made arrival dates more predictable.
Merchants were able to anticipate the time of arrival of a
THE LME PROVIDES:
Hedging – a market where the participants, primarily
from non-ferrous base metal and plastics-related indus-
tries, have the opportunity to protect against risks
arising from movements in commodity prices.
Pricing – references and benchmarks that are
accepted globally.
Delivery – storage and delivery facilities to enable
market participants to make, or take, physical delivery
of approved brands of LME-traded contracts.
Stand J8
6/10/08 15:53:15

Trading on the LME
cargo of metal and were able to sell it forward for
delivery on a fixed date, thus protecting themselves
against a fall in price during the voyage.
In 1869, the opening of the Suez Canal reduced the
delivery time of tin from Malaya to match the three-
month delivery time for copper from Chile, and this gave
rise to LME’s unique system of daily trading dates for up
to three months forward, which still exists.
As delivery tonnages grew to meet the increasing
demands of British industry, more and more merchants
were attracted to the trade and it became necessary to
find premises where they could convene each day. They
first moved to the Lombard Exchange but in 1877 the
merchants formed The London Metal Exchange Co, and
moved into an office over a hat shop in Lombard Court
(the LME celebrated its 130th anniversary last year).
Telegraphic links were set up and a company secretary
was appointed to handle the administration.
Membership increased rapidly and, after it surpassed
the 300 mark, the decision was taken to move to a
purpose-built Exchange in Whittington Avenue, where it
remained for 98 years.
After a 14-year period at Plantation House in
Fenchurch Street, the Exchange moved in 1994 to its
current home in Leadenhall Street.
LME CONTRACTS
Metals trading has changed dramatically over the past
century, with the LME continually adapting to these
changes (with only copper and tin having been traded
since the beginning).
Copper – The copper contract was upgraded to high-
grade copper in November 1981, and to today’s Grade-A
14-15_LondonSupp.indd 15
Photo: Bloomberg
contract in June 1986.
Tin – The present (99.85%) contract began in June 1989,
following a brief cessation due to the collapse of the
International Tin Council.
Lead and zinc – Officially introduced in 1920 but
were traded unofficially before that. The lead contract has
remained virtually unchanged, certainly since its
reintroduction in October 1952 following the closure of
the LME brought about by WWII. Zinc, on the other
hand, has undergone a number of upgrades, most recently
with the introduction of the special high-grade 99.995%
contract in June 1986.
Primary aluminium – Introduced as a 99.5%
contract in December 1978. Today’s 99.7% high-grade
contract began trading in August 1987.
Nickel – Commenced trading on the exchange the year
after primary aluminium, in April 1979.
Aluminium alloy – Commenced in October 1992.
Silver – Commenced in May 1999.
LMEX – This index contract, based on the six primary
metals traded on the exchange, was introduced on April
10, 2000. This base metals index is specifically designed to
give investors access to futures and traded options
contracts based on non-ferrous metals without the physi-
cally delivery, storage and transactions costs associated
with the underlying commodity contracts.
Plastics – In May 2005 the LME introduced the first
exchange-traded plastics futures contracts for
polypropylene and linear low-density polyethylene, with
the addition of regional contracts in 2007.
LMEmini – The most recent addition, in December
2006, for small-size, cash-settled, electronically-traded
monthly futures contracts for copper, aluminium and zinc.
LONDON
Grant Thornton UK LLP
Grant Thornton House
Melton Street, London NW1 2EP
Tel: +44 (0)20 7383 5100
Fax: +44 (0)20 7383 4715
Website: www.grant-thornton.co.uk
Key contacts:
Gerry Beaney Tel: +44 (0)20 7728 2589
E-mail: gerry.d.beaney@gtuk.com
Fiona Owen Tel: +44 (0)020 7728 2318
E-mail: fiona.owen@gtuk.com
Christopher Hall Tel: +44 (0)20 7383 5100
E-mail: christopher.hall@gtuk.com
Linda Naylor Tel: +44 (0)20 7728 3473
Email: linda.naylor@gtuk.com
Services offered: AIM Nominated adviser,
Reporting accountant, Auditor, Corporate structur-
ing, Tax structuring, Corporate governance
Major Clients: African Eagle Resources plc,
Amerisur Resources plc, Anglesey Mining plc,
Anglo Pacific Group plc, Archipelago Resources plc,
Ariana Resources plc, Avocet Mining plc, Baobab
Resources plc, Cambridge Mineral Resources
plc, Caspian Holdings plc, Chaco Resources plc,
Charaat Gold Holdings Ltd, Eurasia Mining plc,
Genesis Petroleum Corporation plc, Geopark
Holdings plc, GMA Resources plc, Greatland Gold
plc, Griffin Mining Ltd, Hydrodec Group plc, Indus
Gas Ltd, International Ferro Metals Ltd, Leed
Petroleum plc, Mariana Resources Ltd, Meridian
Petroleum plc, Neptune Minerals plc, Nighthawk
Energy plc, Pan African Resources plc, Patagonia
Gold plc, Platmin Ltd, Renova Energy plc, Rift Oil
plc, Strategic Natural Resources plc, Triple Plate
Junction plc,Van Dieman Mines plc, Weatherly
International plc, ZincOx Resources plc
Company profile: Grant Thornton UK LLP is
a leading financial and business adviser. We are a
member firm within Grant Thornton International
Limited, one of the world’s leading international
organisations of independently owned and
managed accounting and consulting firms. Grant
Thornton UK LLP has an excellent track record in
advising AIM-quoted companies. We are the most
active independent Nomad, having acted for more
than 200 companies since the launch of the AIM,
and are the leading adviser to mining companies
on the AIM.
October 2008 Mining Journal special publication 15
6/10/08 15:53:17
 Mines & Money 10.1:Layout 1 10/1/08 10:58 AM Page 1

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