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Lonmin CEO: Strikes make restructure inevitable

Monday, May 19, 2014 - 03:26

May 19 - Lonmin CEO Ben Magara tells Reuters Ed Stoddard how the platinum producer’s output has suffered from the strike, and what options he sees going ahead.

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The prolonged strike Brett -- -- for us as London. Has not been helpful. And the longer it goes the more it's making these trucks sitting in Atlanta. So as we do right now our efforts are yet. It's finding a solution you mean. So that we can avoid the kind of damage we are seeing in our business so our priorities to bring back talking -- -- he's with -- handed and and implications of our business -- -- Ways that lets them price hard damaged diseased and it out so that his fiction once we've finished our. Are all come back will be able to see if they extend -- weeks. Instruction. To. So so you're restructuring plans and things like that will only command the strike zone. So I guess and and normally I'm saying exactly that I think what I'm saying is right now the company has been -- They will come a point and when that leading means. And -- you've got to the point where we have to act on the business to sit got the business. We currently in any case of about sixty million dollars and on much. In mind. That is coming down and as we explored that we have to get deployed way. I'll sit protection becomes critical. More than our protecting our -- -- that we -- it right. Now people have been returned to work. What do you would you expect it possibly have the numbers there do. Your first class thing and what you think you can start using minimal production. It is it Virginia I think we could you tell -- is that what he's -- to go right now for us and -- to make sure that our employees are healthy. And have been -- wellness and nutrition to get back with. In the -- it's not what's so we opted into their hearts and minds fall into these you know that to be stepped -- we kind estimated these junction. When -- it as fast okay. Obviously you're talking about the police. That there's a visible. Police presence on the plot and they'll. Police. Told you actually make any that made me in the arrests. In connection with your ritual -- last week. And how satisfied are you with increased police presence and you've seen less incidence of -- We have indeed seem that looked more visible policing you know area into -- very grateful that the government in this African police is picking up. To save and protect its people so that they can exercise that right in that constitutional rights to to freedom of association. In listening that's developing right now and liquidity we hope. That went but yeah you have ever been arrested your employees and when we -- -- -- and terrorists but I guess if Google. It is punts -- it's too painful muscle development and I'm sure they probably would be interested to know so therefore that's something that the police post it. Can I ask you must have spoken telephone terrorism and what you can imagine that there are certain. Talks behind the scenes perhaps are you have you spoken and just recently and our readers are there any. You you know moved to kick start formal talks. These engagements continue in full on and informal basis with continued to find a way yes I did speak to him over the past week.

Lonmin CEO: Strikes make restructure inevitable

Monday, May 19, 2014 - 03:26

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