Edition:
United States

Lonmin PLC (LMI.L)

LMI.L on London Stock Exchange

84.50GBp
11:48am EDT
Change (% chg)

1.50 (+1.81%)
Prev Close
83.00
Open
82.00
Day's High
84.75
Day's Low
81.50
Volume
1,481,877
Avg. Vol
1,707,556
52-wk High
230.25
52-wk Low
61.50

Latest Key Developments (Source: Significant Developments)

Lonmin sees FY sales slightly above guidance
Friday, 6 Oct 2017 02:00am EDT 

Oct 6 (Reuters) - Lonmin Plc ::LONMIN ‍GAINS BANK SUPPORT FOR PANDORA AND SECURES A PRE-EMPTIVE COVENANT WAIVER​.LONMIN EXPECTS TO COMPLETE ACQUISITION OF PANDORA JV​ BEFORE ANNOUNCEMENT OF ITS FULL-YEAR RESULTS IN NOVEMBER 2017.‍COMPANY IS EXPLORING SEVERAL INITIATIVES AND IS CURRENTLY PROGRESSING EARLY STAGE DISCUSSIONS WITH A VARIETY OF PARTIES​.‍EXPECTS SALES TO BE SLIGHTLY ABOVE GUIDANCE FOR FINANCIAL YEAR 2017 AND CONFIRMS UNIT COST AND CAPEX GUIDANCE​.  Full Article

Lonmin says continues to be concerned by persistent adverse macroeconomic conditions
Monday, 7 Aug 2017 02:00am EDT 

Aug 7 (Reuters) - Lonmin Plc :CONTINUES TO BE CONCERNED BY PERSISTENT ADVERSE MACROECONOMIC CONDITIONS AND INFLATIONARY COST PRESSURES CONFRONTING PLATINUM MINING IN SOUTH AFRICA.SALE OF EXCESS PROCESSING CAPACITY OF UP TO 500,000 PLATINUM OUNCES PER ANNUM TO MAXIMISE CASH.WILL CONSIDER SELLING FOR CASH OR INTRODUCING JOINT VENTURE PARTNERS INTO LIMPOPO AND AKANANI TOGETHER WITH EXPLORING OPTIONS TO INTRODUCE FUNDING PARTNERS INTO K4."CURRENT CAPITAL POSITION MAKES IT CHALLENGING TO FUND MK2 PROJECT WHICH IS NECESSARY TO EXTEND ROWLAND'S ECONOMIC LIFE"."BELIEVES THAT MK2 PROJECT WILL BE VALUE ACCRETIVE AND COMPANY WILL EXPLORE OPTIONS TO INTRODUCE FUNDING PARTNERS AND PRESERVE APPROXIMATELY FIVE THOUSAND JOBS".REDUCTION IN ANNUAL OVERHEAD COSTS BY A MINIMUM OF ZAR500 MILLION BY END OF YEAR ENDING 30 SEPTEMBER 2018.APPROVAL BY DMR OF S11 APPLICATION TO ACQUIRE PANDORA JV FROM ANGLO PLATINUM WILL DEFER R2.6 BILLION OF CAPITAL EXPENDITURE.  Full Article

Lonmin says Q3 total tonnes mined increased by 3.8 pct to 2.7 mln tonnes
Monday, 17 Jul 2017 02:00am EDT 

July 17 (Reuters) - Lonmin Plc ::Q3 total tonnes mined increased by 3.8% to 2.7 million tonnes compared with Q3 2016, up 13.2% on Q2 2017.Q3 tonnes mined from our generation 2 shafts, which generate 84% of our production, increased by 9.0% to 2.2 million tonnes compared with prior year period and increased by 18.6% against Q2 2017.Q3 sales of 180,348 platinum ounces increased by 10.8% on prior year period.Gross cash improved to $236 million at 30 June 2017 from $225 million as at end of Q2.Net cash improved to $86 million (gross cash of $236 million less drawn term loan of $150 million) at 30 June.Maintaining sales guidance of between 650,000 platinum ounces to 680,000 platinum ounces, absent any unexpected interruptions to smooth running of mining production.Anticipate achieving revised unit cost guidance for FY17 of between R11,300 and R11,800 per pgm ounce.Maintaining revised capital expenditure guidance for current year to between R1.4 billion and R1.5 billion of which R917 million has been spent to date.  Full Article

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

UPDATE 1-Lonmin lifted by bank covenant waiver as raises forecast

LONDON, Oct 6 Lonmin's lenders have waived some of its debt covenants, allowing the platinum miner to buy the rest of its Pandora joint venture mine, the South African-focused producer said on Friday.