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Lonmin PLC (LONJ.J)

LONJ.J on Johannesburg Stock Exchange

26 Sep 2017
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-34.00 (-2.65%)
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Latest Key Developments (Source: Significant Developments)

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 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

Lonmin to sell surplus platinum capacity to raise cash

Platinum miner Lonmin Plc said on Monday it would cut costs and sell some assets, including processing capacity of up to 500,000 ounces per year, as it battles to overcome a weak market and to preserve jobs.