Lonmin PLC (LMI.L) Key Developments | Reuters.com
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Lonmin PLC (LMI.L)

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Latest Key Developments (Source: Significant Developments)

Lonmin CEO says does not see further job cuts at current market conditions
Monday, 16 May 2016 02:32am EDT 

Lonmin Plc : CEO Ben Magara says do not anticipate at current market conditions to have any further job cuts, but conditions may change Further company coverage: [LMI.L] (((Bengaluru Newsroom +91 806 749 1136);)).  Full Article

Lonmin says H1 core profit $36 mln
Monday, 16 May 2016 02:00am EDT 

Lonmin Plc : Net cash has improved to $114 million as at March 31 2016. This is compared with $185 million net debt at Sept. 30 2015 . Reorganisation and s189 process successfully completed with 5,433 people having left group by March 31 . Total tonnes mined of 5.1 million in H1 2016 . H1 refined platinum production of 348,885 ounces was up 33.0 pct . H1 gross costs at r6,828 million were down r427 million on h1 2015 . H1 EBITDA for period was $36 million, this was $42 million higher than LBITDA of $6 million h1 2015 . For remainder of 2016 we expect automotive and chemical industry demand for platinum to remain firm . Prices are expected to remain lower than incentive prices for long term projects in platinum industry. . Capex guidance reduced from $132 million to $105. .Total revenue for six months ended March 31 2016 of $515 million reflects a marginal increase of $7 million.  Full Article

S.Africa's NUM says 5108 workers were retrenched at Lonmin PLC - Reuters
Wednesday, 2 Mar 2016 08:46pm EST 

Lonmin PLC:S.Africa's NUM says is disappointed that 5108 workers were retrenched at Lonmin - RTRS.  Full Article

Lonmin PLC - South Africa's AMCU union says fewer jobs to be lost at Lonmin after negotiations - Reuters
Tuesday, 1 Mar 2016 09:55pm EST 

Lonmin PLC:South Africa's Association of Mineworkers and Construction Union (AMCU) said on Wednesday fewer jobs would be lost at platinum producer Lonmin following talks with the company - RTRS.The union did not immediately give a figure of workers fired by the firm which has struggled following a sharp slide in the price of platinum over the past year.  Full Article

Lonmin PLC - Job cuts to escalate in South African mines as global economy slows - Reuters
Monday, 15 Feb 2016 02:54am EST 

Lonmin PLC:Job losses in South Africa's mining sector are likely to accelerate with mining companies such as Glencore and Anglo American battling to cope with a global commodity price slump - RTRS.The government has warned that 32,000 workers in the sector could lose their jobs as metals prices fall due to slowing economic growth in China, the world's biggest metals consumer. Industry officials predict more than 50,000 job cuts.Companies in the industry, which employs about 500,000 people and contributes around 7 percent to South Africa's GDP, say they have little choice but to cut jobs and close struggling mines to cope.But with more than a quarter of the working population unemployed the job losses could trigger labour unrest and erode support for the ruling African National Congress (ANC) in local government polls expected after May.Roger Baxter, chief executive of the Chamber of Mines, which groups mining firms, said the industry shed around 47,000 jobs between 2012 and the first quarter of 2015.Anglo American Platinum , and Kumba Iron Ore have announced they will cut thousands of jobs in South Africa.Besides cutting jobs Lonmin LMI.L is closing shafts after issuing a rights issue to shore up its balance sheet. CEO Ben Magara has said he will not shy away from a takeover or merger.Miner and trader Glencore is also considering closing its Eland platinum mine in South Africa, putting just under 1,000 jobs there at risk.  Full Article

Lonmin PLC - South Africa charges miners over Marikana murders - lawyer - Reuters
Wednesday, 21 Oct 2015 02:58am EDT 

Lonmin PLC:South African prosecutors have charged 17 miners with murder over the killing of 10 people during a violent wildcat strike at platinum producer Lonmin's Marikana mine, their lawyer said on Wednesday - RTRS.The vortex of violence around the mine in August, 2012, culminated in the police shooting 34 striking miners dead, bringing the death toll to 44 - RTRS.Lonmin, police and labour unions were blamed by an independent probe called the Marikana Commission for the violence and deaths - RTRS.Charges against the miners were initially withdrawn pending the findings of the commission, but had now be reinstated, lawyer Andries Nkome said on private station Talk Radio 702 - RTRS.Nkome said he would seek to have the charges withdrawn as the action was premature because the Marikana Commission had recommended an inquiry be made into who must be charged - RTRS.A total of 270 miners were arrested and charged following the shooting that became known as the "Marikana massacre" under a law dating from the apartheid era by which they are deemed to have had a "common purpose" in the murder of their co-workers - RTRS.  Full Article

Platinum producer Lonmin PLC to shut two shafts, affecting about 6,000 jobs - Reuters
Friday, 24 Jul 2015 02:24am EDT 

Lonmin PLC:Says it would close two of its shafts, affecting about 6,000 workers including contractors - Reuters.Says it would shut its Hossy and Newman shafts, which would also decrease normalised annual production by about 100,000 platinum ounces.  Full Article

Lonmin PLC aims to cut 3,500 South African jobs due to weak platinum price - Reuters
Thursday, 7 May 2015 10:55am EDT 

Lonmin PLC:Says it is in talks with unions and employees aiming to cut 3,500 jobs at its mines in South Africa, in an attempt to withstand low platinum prices - Reuters.The South Africa-focused platinum producer said it hopes it can achieve this through a voluntary process, with forced job cuts a last resort.  Full Article

Glencore PLC to divest 23.9 pct stake in Lonmin Plc
Wednesday, 11 Feb 2015 02:00am EST 

Glencore PLC:Says it intends during the H1 2015 to divest its non-core 23.9 pct stake in Lonmin Plc.Says it is currently proposed that the divestment in Lonmin will be implemented by way of a distribution in specie to Glencore shareholders.Says this distribution, currently representing c.$3 cents per Glencore share, will not impact Glencore’s approach towards its annual cash distribution consideration.  Full Article

Lonmin PLC completes BEE Transaction
Wednesday, 26 Nov 2014 04:00am EST 

Lonmin PLC:Completes three transactions which combined make up the remaining 8 pct of its Black Economic Empowerment.Completion of the royalty-for-equity swap transaction with the Bapo Ba Mogale Traditional Community.Establishment of the Lonplats Employees Share Ownership Trust (EST) which will acquire 3.8 pct of the ordinary share capital in Lonplats. Lonplats will implement a profit share scheme for the benefit of employees through this Trust.Establishment of the Lonplats Marikana Community Development Trust (CDT) which will acquire 0.9 pct of the ordinary shares in Lonplats for the benefit of specific communities residing in the western portion of Lonmin's Marikana operations.  Full Article

Britain's FTSE finishes higher on stronger miners

LONDON, May 16 Britain's top share index ended higher on Monday, with a rally in basic resources stocks on the back of stronger metals prices supporting the broader equities market.