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Lonmin PLC (LMI.L)

LMI.L on London Stock Exchange

63.00GBp
21 Jun 2017
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Latest Key Developments (Source: Significant Developments)

Lonmin says Q2 refined platinum production down 7.5 pct
Monday, 15 May 2017 02:22am EDT 

May 15 (Reuters) - Lonmin Plc ::Tonnes mined from our generation 2 shafts were 1.9 million tonnes, a decrease of 2.8 pct or 55,000 tonnes on comparative period, as k3's underperformance predominantly weighed down overall performance.Says marikana mining operations including pandora (100 pct) produced 2.4 million tonnes during quarter.Poor mining performance from q1 2017 continued into january 2017, with mining production of 584,000 tonnes for month.March production of 978,000 tonnes illustrates mining improvement from poor performance in first four months to 31 january 2017..K3 produced 276,000 tonnes in march 2017, highest monthly mining production for last 29 months.Saffy shaft produced 213,000 tonnes in march 2017, an all-time record for life of shaft..Tonnes lost due to section 5.Refined platinum production of 164,138 ounces was down 7.5 pct on prior year period, reflecting weak mining performance.Q2 platinum sales of 172,042 ounces were down 18.6 pct on comparative prior year period..Average rand full basket price (including base metals) up 1.9 pct on q2 2016, at r11,250 per pgm ounce..Says k3, biggest shaft, produced 583,000 tonnes, a decrease of 8.0 pct or 51,000 tonnes on comparative prior year period.Says rowland shaft produced 452,000 tonnes, an increase of 7.6 pct on comparative prior year period.As at 31 march 2017, ore reserve position of marikana mining operations represents an average of 20.6 months production.  Full Article

Lonmin HY revenue falls 6 pct to $486 mln
Monday, 15 May 2017 02:14am EDT 

May 15 (Reuters) - Lonmin Plc ::HY revenue of $486 million, down 6% compared to prior year revenue of $515 million on lower production offset by 8% increase in revenue per ounce.HY loss before tax $199 million versus pretax loss of $21 million year ago.HY loss per share 64.4 cents.HY operating loss excluding impairment $35 million.HY total tonnes mined down 7.6% (387,000 tonnes) on comparative period.Net cash at 31 March improved to $75 million (from $49 million at 31 December 2016), typical of seasonality of business, and compared to $114 million at 31 March 2016.Unit costs in March were r9,695 per PGM ounce, on back of improved mining production.Overall H1 unit costs of r12,059 per PGM ounce were higher, driven by weak mining performance at k3 for first four months.Sales guidance of 650,000 to 680,000 platinum ounces for full financial year maintained.Revising unit costs guidance for year from between R10,800 and R11,300 to between R11,300 to R11,800 per pgm ounce.Reducing full year capital expenditure guidance from R1.8 billion to a range of R1.4 billion to R1.5 billion.  Full Article

Lonmin maintains FY sales guidance of 650,000 to 680,000 platinum ounces
Monday, 15 May 2017 02:00am EDT 

May 15 (Reuters) - Lonmin Plc ::Sales guidance of 650,000 to 680,000 platinum ounces for full financial year maintained.Revising unit costs guidance for year from between R10,800 and R11,300 to between R11,300 to R11,800 per pgm ounce.Reducing full year capital expenditure guidance from R1.8 billion to a range of R1.4 billion to R1.5 billion.  Full Article

Lonmin says Ben Moolman resigned as COO
Monday, 6 Mar 2017 04:05am EST 

Lonmin Plc :Ben Moolman has resigned as chief operating officer; he will leave with effect from 5th april 2017.  Full Article

Lonmin announces resignation of director
Thursday, 26 Jan 2017 12:07pm EST 

Lonmin Plc : Directorate change .Jim Sutcliffe has confirmed his intention to step down from board at a date to be confirmed.  Full Article

Lonmin keeps 2017 sales target, says to review capital expenditure
Thursday, 26 Jan 2017 02:16am EST 

Lonmin Plc : First quarter 2017 production report and update . Marikana mining operations including pandora produced 2.3 million tonnes during quarter . Mining performance was disappointing with production at our generation 2 shafts down 5.2 pct from prior year period . Tonnes mined from our generation 2 shafts were 1.8 million tonnes, a decrease of 5.2 pct . Performance at generation 1 shafts is in line with our plan . Tonnes mined from our generation 1 shafts (1 b, Hossy, Newman, W1, E1, E2, E3 and pandora (100 pct)) were 0.5 million tonnes, a decrease of 21.8 pct . Overall total tonnes lost in quarter reduced to 147,000 tonnes, compared to 204,000 tonnes lost in quarter 1 2016 . Platinum sales for quarter were 134,954 ounces, 10.3 pct lower than prior year . Pgm sales were 289,962 ounces, marginally down (0.2 pct) on prior year period sales of 290,475 . Converse to q1 2016, palladium to other metal sales ratio was brought in line with normal production ratio . Average rand to us dollar exchange rate was 2.3 pct stronger at 13.90 compared to 14.22 in Q1 2016 . Unit costs of R12,296 per pgm ounce were 12.3 pct higher on prior year period . Are maintaining our focus on generation 2 shafts but we are reviewing capital expenditure profile . Net cash at 31 December 2016 was $49 million . Immediately available ore reserve position of 3.7 million square metres at end of quarter, or 22 months average production.  Full Article

Lonmin says signs three-year wage deal with S.Africa's AMCU
Monday, 31 Oct 2016 08:00am EDT 

Lonmin Plc : Lonmin signs three-year wage agreement with AMCU . Announces conclusion of negotiations with Association of Mineworkers and Construction Union ("AMCU") about wages and conditions of service . Agreement applies to all employees within bargaining unit in job grades Paterson A4 to C4 . Three- year agreement, which is effective from July 1 2016 to June 30 2019 . Increases for CAT 4 to 9: 1,000 rand per year or 7 pct (whichever is greater) on basic salary . Says increases for officials (B and C band): 7 pct on total cost to company for each year of agreement . At end of this wage agreement, a rock drill operator at Lonmin will earn 12,296 rand (basic salary) and a guaranteed package of 19,455 rand . Says living out allowance increases by 100 rand in each year of agreement .Impact of wage agreement for this bargaining unit is increase of 7.8 pct in financial year one, 8.0 pct in year two ,7.1 pct in year three.  Full Article

lonmin secures $50 mln funding for tailings project
Thursday, 18 Aug 2016 03:00am EDT 

Lonmin Plc : Lonmin secures $50 million funding for tailings project . First tranche of project funding of $9 million has now been received and work has already started on project . BTT project involves re-mining of Lonmin's easterns tailings dam .Project is part of Lonmin's business plan and is expected to produce lowest cost ounces in lonmin portfolio.  Full Article

Acacia Mining buys minority stake in West Kenya JV from Lonmin
Monday, 1 Aug 2016 02:19am EDT 

Acacia Mining Plc :Consolidates minority stake in West Kenya JV from Lonmin Plc for $5 million.  Full Article

Lonmin Q3 mined platinum ounces up 3.3 pct to 166,581 ounces
Monday, 1 Aug 2016 02:00am EDT 

Lonmin Plc : Total of some 243,000 tonnes of production lost in q3 due to section 54 safety stoppages compared to 260,000 tonnes in q3 2015 . Q3 mined platinum ounces up 3.3% to 166,581 . Unit costs for quarter were contained to r10,596 per pgm ounce, a year on year decrease of 2.2% .Expect to achieve platinum sales guidance of 700,000 ounces for year. Capital expenditure guidance remains unchanged at $105 million.  Full Article

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Miner Lonmin confident it can turn around troubled business

LONDON South Africa-focused platinum producer Lonmin is pulling every lever to try to restore confidence in its ailing business, including reopening a major shaft and expanding its biggest operation, its chief executive said.