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Lonmin PLC (LMI.L)

LMI.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

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

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

More From Around the Web

Lonmin to carry on cutting output, expects subdued demand

LONDON, Nov 14 Lonmin Plc on Monday said it would continue closing inefficient production in 2017 to cut costs as the platinum miner expects demand is likely to be subdued in the near term.