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Lonmin PLC (LMI.L)

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Latest Key Developments (Source: Significant Developments)

Lonmin reports FY underlying profit on higher cost cuts
Monday, 14 Nov 2016 02:17am EST 

Lonmin Plc : Says final results for year ended Sept.30 2016 . Says full year underlying operating profit increased to $7 million from a loss of $134 million in prior year . Says sales of 735,747 platinum ounces, exceeded sales guidance of 700,000 platinum ounces . Says achieved cost reduction of 1.3 bln rand, 86 pct higher than target of 700 mln rand . Says concentrator recoveries of 86.6 pct continue to be industry leading . Sees platinum sales between 650,000 and 680,000 ounces for FY 2017 . Sees capital expenditure to be funded from cash generated from operating activities and third party funding for FY 2017 . Says underlying costs decreased by 3.2 pct to 14.1 bln rand- unit costs increased by 4.0 pct to 10,748 rand despite 8.2 pct increase in labour costs . Sees unit costs remain under pressure; expected to be in range of 10,800-11,300 rand per PGM ounce for FY 2017 .Says 2017 capex guidance is expected to be increased to approximately 1.8 bln rand.  Full Article

Lonmin reports 10.1 pct fall in Marikana production in Q4
Monday, 14 Nov 2016 02:00am EST 

Lonmin Plc : Says Q4 2016 production report for quarter ended Sept.30 2016 . Says K3 shaft achieved 6 million fatality free shifts in Q4 . Says 4b shaft achieved 10 million fatality free shifts and won JT Ryan safety award for fourth consecutive year in Q4 . Says total Q4 PGMS produced were 424,613 ounces, a decrease of 14.2 pct on Q4 of 2015 . Says twelve month rolling LTIFR to Sept.30 improved by 8.1 pct to 4.97 per million man hours from 5.41 in prior year . Marikana mining operations (including Pandora) produced 2.7 million tonnes during quarter as planned, a decrease of 10.1 pct or 298,000 tonnes versus prior year . Production from core generation 2 shafts (K3, Rowland, Saffy and 4B/1B) was 2.1 million tonnes, broadly flat on Q4 of 2015 production of 2.2 million tonnes .Says net cash at end of quarter increased to $173 million and total liquidity improved to $537 million.  Full Article

Amplats sells 42.5 pct stake in Pandora JV to Lonmin
Friday, 11 Nov 2016 05:00am EST 

Anglo American Platinum :Sale to unit of Lonmin of 42.5 pct interest in Pandora JV for minimum 400 million rand and maximum 1.0 billion rand over 6 years deferred.  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

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 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.