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Lonmin PLC (LMI.L)

LMI.L on London Stock Exchange

42.12GBp
11:35am EDT
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0.12 (+0.29%)
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Latest Key Developments (Source: Significant Developments)

Lonmin Says SACC Recommends Lonmin-Sibanye-Stillwater Acquisition To Tribunal
3:30am EDT 

Sept 18 (Reuters) - Lonmin PLC ::LONMIN PLC SIBANYE-STILLWATER - SACC RECOMMENDS LONMIN ACQUISITION.SA COMPETITION COMMISSION MAKES RECOMMENDATION TO TRIBUNAL THAT LONMIN -SIBANYE-STILLWATER DEAL BE APPROVED.SA COMPETITION COMMISSION FOUND THAT PROPOSED MERGER UNLIKELY TO SUBSTANTIALLY PREVENT OR LESSEN COMPETITION IN MARKETS.  Full Article

SA's Competition Commission Recommends Conditional Approval Of Sibanye-Lonmin Deal
Monday, 17 Sep 2018 10:40am EDT 

Sept 17 (Reuters) - SA's Competition Commission::SA'S COMPETITION COMMISSION- RECOMMENDED TO COMPETITION TRIBUNAL THAT MERGER WHEREBY SIBANYE-LONMIN DEAL BE APPROVED SUBJECT TO CONDITIONS.  Full Article

Sibanye-Stillwater Says Pursuing Deleveraging Strategy, Liquidity Remains Sound
Thursday, 31 May 2018 07:01am EDT 

May 31 (Reuters) - Sibanye-Stillwater ::PURSUING ITS DELEVERAGING STRATEGY, AND GROUP LIQUIDITY REMAINS SOUND.VARIOUS FINANCIAL OPTIONS WHICH, WILL ACCELERATE DELEVERAGING ARE BEING ASSESSED, WITH A DECISION ON THESE EXPECTED SOON.PROPOSED ACQUISITION OF LONMIN IS PROCEEDING AS PLANNED.FINAL DECISION REGARDING FINANCIAL OPTIONS WILL BE ANNOUNCED SHORTLY.HAS NO INTENTION TO ISSUE EQUITY IN ORDER TO REDUCE DEBT.APPROXIMATELY R1 BILLION IN POTENTIAL COST REDUCTIONS HAVE BEEN IDENTIFIED AND ARE CURRENTLY BEING IMPLEMENTED.RECENT SPATE OF SERIOUS SAFETY INCIDENTS, SINCE FEBRUARY 2018 IS OF SIGNIFICANT CONCERN TO SIBANYE-STILLWATER'S BOARD AND MANAGEMENT.PLANNED RESTRUCTURING BY LONMIN OF HIGHER COST GENERATION 1 SHAFTS, WHICH HAVE REACHED END OF THEIR RESERVE LIVES, HAS COMMENCED.LONMIN IS EXPECTED TO CONTRIBUTE POSITIVELY TO GROUP EBITDA.  Full Article

UK's CMA Considering If Sibanye-Lonmin Deal Would Lessen Competition
Tuesday, 15 May 2018 02:00am EDT 

May 15 (Reuters) - UK's CMA::ANTICIPATED ACQUISITION BY SIBANYE GOLD LIMITED (TRADING AS SIBANYE-STILLWATER) OF LONMIN PLC.IS CONSIDERING WHETHER THE SIBANYE/LONMIN TRANSACTION IF CARRIED INTO EFFECT, WILL RESULT IN CREATION OF A RELEVANT MERGER SITUATION.  Full Article

Lonmin Maintains FY Sales Guidance Of 650,000 To 680,000 Platinum Ounces
Monday, 14 May 2018 02:03am EDT 

May 14 (Reuters) - Lonmin PLC ::SALES GUIDANCE OF 650,000 TO 680,000 PLATINUM OUNCES FOR FULL FINANCIAL YEAR MAINTAINED.UNIT COSTS GUIDANCE FOR YEAR MAINTAINED.HY REVENUE OF $561 MILLION UP 15.4%, DRIVEN BY A 26.7% INCREASE IN DOLLAR BASKET PRICE.EXPECT FY UNIT COSTS TO BE AT UPPER END OF R12,000-R12,500 PER PGM OUNCE RANGE.FULL YEAR CAPITAL EXPENDITURE GUIDANCE REVISED TO BETWEEN R1.2 BILLION AND R1.3 BILLION (FROM R1.4 BILLION AND R1.5 BILLION).HY OPERATING LOSS OF $32 MILLION VERSUS LOSS OF $181 MILLION YEAR AGO.COVENANT WAIVERS REMAIN IN PLACE UNTIL 28 FEBRUARY 2019 OR UNTIL SIBANYE-STILLWATER TRANSACTION " TRANSACTION" CLOSES OR LAPSES.NET CASH AT 31 MARCH 2018 WAS $17 MILLION VERSUS $75 MILLION AT 31 MARCH 2017.AT HY-END GROSS CASH OF $167 MILLION, WHICH INCLUDES $150 MILLION DRAWN TERM LOAN AND $17 MILLION CASH."LONMIN CONTINUES TO BE HAMSTRUNG BY MACRO ECONOMIC CHALLENGES, ITS CAPITAL STRUCTURE AND LIQUIDITY CONSTRAINTS".NORMALISING NET CASH TO ALLOW FOR SMELTER LOCK-UP OF $47 MILLION WOULD RESULT IN NET CASH AT MARCH 2018 OF $64 MILLION.SMELTER LOCK-UP IS EXPECTED TO UNWIND WITHIN SECOND HALF OF YEAR.SMELTER CLEAN-UP PROJECT EXPECTED TO DELIVER AROUND 13,000 PGM OUNCES, EQUIVALENT TO AROUND $13 MILLION OF CASH INFLOWS IN H2 2018.CONTINUING WITH REMOVAL OF HIGH COST OUNCES AND RELATED RESTRUCTURING OF BUSINESS.CONTINUING WITH OPERATIONAL EFFICIENCY IMPROVEMENT PROGRAM COMMENCED IN 2015, WHICH WOULD SEE 12,600 EMPLOYEES AND CONTRACTORS REMOVED OVER FY2018, FY2019, FY2020.  Full Article

Lonmin Says ‍Sibanye-Stillwater Files With S.A Competition Commission On Lonmin Deal​
Friday, 16 Mar 2018 03:30am EDT 

March 16 (Reuters) - Lonmin Plc ::‍SIBANYE-STILLWATER FILES WITH COMPETITION COMMISSION​.‍SIBANYE-STILLWATER AND LONMIN REMAIN COMMITTED TO PROPOSED TRANSACTION WHICH THEY CONTINUE TO EXPECT TO CLOSE IN SECOND HALF OF THIS YEAR.​.  Full Article

Lonmin Updates On Director Irrevocable Undertakings On Sibanye Deal
Tuesday, 30 Jan 2018 07:00am EST 

Jan 30 (Reuters) - Lonmin Plc ::ORIGINAL UNDERTAKINGS RLEATED TO SIBANYE DEAL TERMINATED, REPLACED BY NEW IRREVOCABLE UNDERTAKINGS FROM RELEVANT DIRECTORS ON JAN 29.‍REVISED IRREVOCABLE UNDERTAKINGS RELATED TO SIBANYE DEAL ARE ON SUBSTANTIALLY SAME TERMS AS ORIGINAL IRREVOCABLE UNDERTAKINGS.  Full Article

Lonmin Says FY Sales Guidance Maintained At Between 650,000 And 680,000 Platinum Ounces
Monday, 22 Jan 2018 02:20am EST 

Jan 22 (Reuters) - Lonmin Plc ::SALES GUIDANCE FOR FULL YEAR IS MAINTAINED AT BETWEEN 650,000 AND 680,000 PLATINUM OUNCES.‍MAINTAINING FY UNIT COST GUIDANCE OF BETWEEN R12,000 AND R12,500 PER PGM OUNCE​.CAPITAL EXPENDITURE GUIDANCE FOR YEAR OF BETWEEN R1.4 BILLION AND R1.5 BILLION IS MAINTAINED.‍PLATINUM SALES FOR QUARTER WERE 147,216 OUNCES, 9.1% HIGHER THAN PRIOR YEAR PERIOD SALES OF 134,954 OUNCES.​.‍AS PART OF OPERATIONAL REVIEW, IDENTIFIED COST REDUCTION INITIATIVES, TO REDUCE ANNUAL OVERHEAD COSTS BY A MINIMUM OF ZAR500 MILLION BY END OF SEPT 30 2018.​.SEES SUBSTANTIAL MAJORITY OF OVERHEAD REDUCTIONS TO COME FROM NON-PRODUCTION CENTRAL FUNCTIONS, HIGH COST PRODUCTION AREAS.‍A SECTION 189 PROCESS COMMENCED IN OCTOBER 2017 AND IS ONGOING, WITH OVER 600 EMPLOYEES ALREADY HAVING LEFT BUSINESS​.‍MARIKANA MINING OPERATIONS, INCLUDING PANDORA PRODUCED 2.4 MILLION TONNES DURING QUARTER, UP 2.4% ON COMPARATIVE PERIOD​.  Full Article

Lonmin Sees FY 2018 Platinum Sales Between 650,000 And 680,000 Ounces
Monday, 22 Jan 2018 02:20am EST 

Jan 22 (Reuters) - Lonmin Plc ::SEES FY 2018 PLATINUM SALES BETWEEN 650,000 AND 680,000 OUNCES.SEES FY 2018 UNIT COSTS EXPECTED TO BE IN RANGE OF R12,000 TO R12,500 PER PGM OUNCE.‍FY LOSS BEFORE TAX $1,170 MILLION FOLLOWING IMPAIRMENT (2016 - $355 MILLION)​.SEES FY 2018 CAPITAL EXPENDITURE ANTICIPATED TO BE LIMITED TO A RANGE OF R1.4 BILLION TO R1.5 BILLION.FY REVENUE OF $‍1,166​ MILLION VERSUS. $1,118 MILLION LAST YEAR.‍2017 SALES OF 706,030 PLATINUM OUNCES, EXCEEDED SALES GUIDANCE OF 650,000 TO 680,000 PLATINUM OUNCES​.‍UNIT COSTS IN 2017 INCREASED BY 8.9% TO R11,701, PARTLY IMPACTED BY 8% INCREASE IN LABOUR COSTS​.EXPECT SIBANYE-STILLWATER TRANSACTION TO CLOSE IN SECOND HALF OF 2018 CALENDAR YEAR​.CUTS TO PRODUCTION BY SOUTH AFRICAN PRODUCERS INITIATED IN 2017 ARE EXPECTED TO RESULT IN REDUCED PLATINUM OUTPUT NEXT YEAR.FY 2017 IMPAIRMENT OF NON-FINANCIAL ASSETS OF $1,053 MILLION - DRIVEN BY CHANGE IN BUSINESS PLAN AND ASSUMPTIONS.  Full Article

Revised Sibanye-Stillwater Business Plan Could Affect A Further 890 Staff
Thursday, 14 Dec 2017 04:53am EST 

Dec 14 (Reuters) - Lonmin Plc ::LONMIN TO PUBLISH ANNUAL FINANCIAL STATEMENTS IN JANUARY 2018- SIBANYE PRESENTANTION.SIBANYE SAYS EXPECTS COMPETITION CLEARANCE TO BE OBTAINED IN H2 2018.LONMIN SHAREHOLDER APPROVAL AND COURT MEETING EXPECTED IN H2 2018.SIBANYE-STILLWATER SHAREHOLDER APPROVAL EXPECTED IN H2 2018.LONMIN CEO SAYS BELIEVES OFFER IS IN THE BEST INTERESTS OF LONMIN, LONMIN SHAREHOLDERS AND OTHER STAKEHOLDERS.LONMIN CEO SAYS LONMIN CONTINUES TO BE HAMSTRUNG BY LIQUIDITY CONCERNS.SIBANYE-STILLWATER REVISED MINE PLAN SEES JOB CUTS OF APPROX 12,600 EMPLOYEES OVER THREE YEARS AS LONMIN GENERATION ONE SHAFTS REACH END OF LIFE.REVISED SIBANYE-STILLWATER BUSINESS PLAN COULD AFFECT A FURTHER 890 STAFF.  Full Article

Lonmin's largest shareholder backs takeover by Sibanye-Stillwater

LONDON South Africa's Public Investment Corporation (PIC) said it will support a takeover of platinum producer Lonmin by precious metals producer Sibanye-Stillwater .