Key Developments: Lonmin PLC (LONJ.J)
3,867.00ZAc
23 May 2013
-64.00c (-1.63%)
3,931.00c
3,855.00c
3,980.00c
3,820.00c
563,610
1,008,918
5,557.29c
3,138.21c
Latest Key Developments (Source: Significant Developments)
Lonmin PLC Suspends Work At Marikana Due To Illegal Strike-DJ
Dow Jones reported that Lonmin PLC said it has suspended all work at its Marikana mine Tuesday after employees refused to go underground. All 13 shafts are not operational at present, the company said. A spokeswoman said that employees arrived at work but didn't go underground. The reasons for the stoppage are still not clear, the company said. Lonmin employs 27,000 people as well as 10,000 contractors. The strike follows a weekend of violence around the platinum producing region of Rustenburg, including the killing of two people who lived in the community next to Lonmin's Marikana mine. Full Article
Lonmin PLC Does Not Declare Dividend
Lonmin PLC announced that no dividends were declared during the period ended March 31, 2013.(six months to March 31, 2012 and year ended September 30, 2012 - $nil). Full Article
Lonmin Plc Announces Incident at Number Two Furnace
Lonmin Plc (Lonmin) announced that it has experienced an incident at its Number Two furnace, which has resulted in the furnace being shut down. No one was injured. The incident has happened at a time when Lonmin had just shut down the Number One furnace for its planned upgrade of the hearth and shell. The Company’s initial estimate is that a full repair to the Number Two furnace will take 30-40 days. A full inspection will be conducted once the furnace has cooled down later this week. The Three Pyromet furnaces, which have around 50% of capacity requirements, continue to operate. In addition, following the fatality at the Merensky section of the K3 shaft last week, drilling and blasting operations at K3 have been suspended until the investigation, which is being undertaken in partnership with all stakeholders, is complete. Full Article
Lonmin PLC Announces Appointment Of Chief Executive Officer
Lonmin PLC announced the appointment of Ben Magara as new Chief Executive Officer (CEO) and as a Director with effect from July 1, 2013. Simon Scott who has been Acting CEO since August 2012 will resume his role as Chief Financial Officer when Ben Magara joins. Full Article
Lonmin PLC Raise FY 2013 Production Guidance
Lonmin PLC announced that for full year 2013, it expects to report production of 680,000 ounces of Platinum. Full Article
Lonmin PLC Issues FY 2013 Production Guidance
Lonmin PLC announced that for full year 2013, it expects to report production of 660,000 ounces of Platinum. Full Article
Lonmin PLC Announces Board Change
Lonmin PLC announced that Ian Farmer, who is being treated for a serious illness, has informed the Board of his request to step down as Chief Executive Officer (CEO) and as a Director of Lonmin with immediate effect. With great regret the Board has agreed. The Board has appointed an executive search agent to pursue the selection and engagement of Ian's successor as CEO. In the meantime, Simon Scott will continue in his role as Acting CEO with the full support of the Lonmin Board. Simon has requested that he should not be considered as a candidate for the role of CEO. Following the appointment of a new CEO, Simon will dedicate his time fully to his role as Chief Financial Officer. Full Article
Lonmin PLC Announces Result Of Rights Issue
Lonmin PLC announced that on 10 December 2012, being the latest date for receipt of valid acceptances, it had received valid acceptances in respect of 354,416,422 New Shares, representing approximately 96.97 per cent of the total number of New Shares offered to Shareholders, pursuant to the Rights Issue announced by the Company on 9 November 2012. Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan Securities plc and Standard Bank Plc will, acting severally and not jointly (or jointly and severally) and as agents for the Company, will procure subscribers for the balance of 11,080,521 New Shares not validly taken up under the Rights Issue by no later than 12 December 2012, subject to certain terms and conditions agreed with the Company. A further announcement as to the number of New Shares for which subscribers have been procured by Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan Securities plc and Standard Bank Plc will be made in due course. Full Article
Lonmin PLC Rejects Xstrata Plc Takeover Proposal-Reuters
Reuters reported that Lonmin PLC said on November 09, 2012 that core shareholder Xstrata Plc offered to sell Lonmin Plc its PGM and alloys division alongside a $1 billion rights issue that would have given Xstrata Plc a controlling share of the platinum miner. In a statement, Lonmin Plc said it had rejected the proposed reverse takeover, which would also have seen Xstrata Plc naming the top executives of the expanded Lonmin Plc. The Board of Lonmin Plc had made it clear that it would be prepared to consider any revised proposal that Xstrata wished to make on its merits; however, no revised proposal was made by Xstrata, Lonmin Plc said. Full Article
Lonmin PLC Announces USD817 million Rights Issue
Lonmin PLC announced an underwritten Rights Issue to raise gross proceeds of approximately USD817million. The Rights Issue will result in the issue of up to 365,503,264 New Shares (representing up to 64.3 per cent. of the enlarged issued share capital of Lonmin) at a price of 140 pence per New Share, in respect of Qualifying Shareholders (other than Qualifying South African Shareholders) or, in the case of Qualifying South African Shareholders, ZAR 19.4872 per New Share, payable in full on acceptance. The Rights Issue will be on the basis of nine New Shares for every five Existing Shares. The net proceeds of the Rights Issue will be used to reduce indebtedness and substantially strengthen the Company's overall financial position at a time of weak margins in the platinum mining industry. Full Article
Lonmin's South African platinum workers end strike
MARIKANA, South Africa - Workers at Lonmin's South African platinum shafts were ending a walkout, the company said on Wednesday, easing fears that a two-day strike could ignite fresh labor violence in the continent's largest economy. | Video
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