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Lonmin PLC (LONJ.J)

LONJ.J on Johannesburg Stock Exchange

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19 Jan 2018
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Latest Key Developments (Source: Significant Developments)

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

Sibanye-Stillwater proposes to acquire Lonmin in deal valued at 285 mln pounds
Thursday, 14 Dec 2017 02:00am EST 

Dec 14 (Reuters) - Sibanye-Stillwater ::‍PROPOSED ACQUISITION OF LONMIN BY SIBANYE-STILLWATER​.‍EXPECTS TRANSACTION TO BE NET ASSET VALUE ACCRETIVE ON CLOSING, EARNINGS AND CASH FLOW ACCRETIVE IN RESPECT OF SIBANYE-STILLWATER SHARES FROM 2021​.‍UNDER TERMS OF OFFER EACH LONMIN SHAREHOLDER WILL BE ENTITLED TO RECEIVE FOR EACH LONMIN SHARE 0.967 NEW SIBANYE-STILLWATER SHARES​.‍EACH LONMIN SHAREHOLDER WILL BE ENTITLED TO RECEIVE FOR EACH LONMIN SHARE 0.967 NEW SIBANYE-STILLWATER SHARES​.‍OFFER VALUES EACH LONMIN SHARE AT 86.3 PENCE AND REPRESENTS PREMIUM OF ABOUT 35 PCT TO CLOSING PRICE PER LONMIN SHARE OF 63.8 PENCE ON 13 DEC 2017​.REALISED R550 MILLION/ANNUM IN ANNUALISED OPERATIONAL SYNERGIES AS AT 30 JUNE 2017, SEES R1 BILLION OF ANNUALISED SYNERGIES BY 2018​.‍IDENTIFIED EXPECTED TOTAL PRE-TAX RUN-RATE SYNERGIES OF APPROXIMATELY R1,500 MILLION BY 2021​.‍ESTIMATES IMPLEMENTATION OF OVERHEAD SYNERGIES WOULD GIVE RISE TO EXPECTED ONE-OFF COSTS OF R80 MILLION, HEADCOUNT REDUCTION OF ABOUT 700​.‍IMPLEMENTATION OF PROCESSING SYNERGIES WOULD GIVE RISE TO EXPECTED ONE-OFF COSTS OF APPROXIMATELY R1,000 MILLION​.‍ASIDE FROM ONE-OFF COSTS REFERRED, DOES NOT EXPECT ANY MATERIAL DIS-SYNERGIES TO ARISE IN CONNECTION WITH ACQUISITION​.LONMIN BELIEVES IF LOW PGM PRICES PERSIST, REGARDLESS OF ACQUISITION IMPLEMENTED, POTENTIALLY IN EXCESS OF 12,000 JOBS IN LONMIN WOULD BE AT RISK OVER NEXT 3 YRS.  Full Article

Lonmin Says Completes Acquisition Of Pandora ​
Wednesday, 13 Dec 2017 02:00am EST 

Dec 13 (Reuters) - Lonmin Plc ::‍Lonmin Completes Acquisition Of Pandora ​.  Full Article

Lonmin's FY sales of 706,030 platinum ounces above co's guidance
Friday, 3 Nov 2017 03:07am EDT 

Nov 3 (Reuters) - Lonmin Plc ::LONMIN PLC - ‍SALES OF 218,687 PLATINUM OUNCES FOR Q4 INCREASED BY 3.6% ON Q4 OF 2016​.‍UNIT COSTS FOR Q4 WERE R11,524 PER PGM OUNCE (6E BASIS), AN INCREASE OF 4.3% ON Q4 OF 2016​.LONMIN PLC - ‍SALES FOR YEAR WERE 706,030 PLATINUM OUNCES, EXCEEDING SALES GUIDANCE OF 650,000 TO 680,000 PLATINUM OUNCES​.LONMIN PLC - ‍UNIT COSTS FOR QUARTER R11,524 PER PGM OUNCE, A YOY INCREASE OF 4.3%, WITHIN REVISED GUIDANCE OF BETWEEN R11,300- R11,800​.LONMIN PLC - ‍FOR YEAR, UNIT COSTS INCREASED BY 8.9% TO R11,701 PER PGM OUNCE​.LONMIN PLC - ‍PLATINUM SALES EXPECTED TO BE BETWEEN 650,000 AND 680,000 OUNCES FOR FY 2018​.LONMIN PLC - ‍UNIT COSTS REMAIN UNDER PRESSURE AND ARE EXPECTED TO BE IN RANGE OF R12,000 TO R12,500 PER PGM OUNCE IN FY 2018​.LONMIN PLC - ‍CAPEX ANTICIPATED TO BE LIMITED TO A RANGE OF R1.4 BILLION TO R1.5 BILLION FOR EACH OF YEARS ENDING 30 SEPTEMBER 2018, 2019 AND 2020​.  Full Article

Lonmin responds to Mining Forum comments
Thursday, 26 Oct 2017 05:21am EDT 

Oct 26 (Reuters) - Lonmin Plc :‍NOTES COMMENTS QUOTED IN MEDIA ATTRIBUTED TO MINING FORUM SOUTH AFRICA AND BAPO BA MOGALE INVESTMENTS​."‍A NUMBER OF GROSSLY INCORRECT STATEMENTS HAVE BEEN QUOTED AND REQUIRE CLARITY"​."‍COMPANY'S COMPLIANCE WITH ITS SOCIAL AND LABOUR PLAN (SLP) IS OF ABSOLUTE IMPORTANCE TO LONMIN".‍WILL CONTINUE TO ENGAGE AND REPORT ON ITS SLP ACTION PLAN WITH DMR​.‍WILL CONTINUE TO ENGAGE WITH BAPO BA MOGALE AND ALL OTHER STAKEHOLDERS THROUGH OFFICIAL AND RECOGNISED CHANNELS THAT HAVE BEEN JOINTLY SET UP​."IN CONSULTATION WITH EMPLOYEES ABOUT NEED TO PROTECT EMPLOYMENT OF MAJORITY OF OUR WORKFORCE BY REDUCTION OF SOME 1,139 CONTRACTORS, EMPLOYEES".  Full Article

SA's Solidarity says Lonmin plans to cut 1,139 jobs
Monday, 23 Oct 2017 10:22am EDT 

Oct 23 (Reuters) - SOUTH AFRICA'S SOLIDARITY::SOUTH AFRICA'S SOLIDARITY - ​ ‍LONMIN HAS INFORMED SOLIDARITY THAT COMPANY IS PLANNING TO REDUCE ITS WORKFORCE BY 1 139 WORKERS BEFORE CHRISTMAS​.SOUTH AFRICA'S SOLIDARITY - ‍LONMIN SAYS THAT PLATINUM SECTOR IS UNDER PRESSURE DUE TO LOW PLATINUM PRICES AND RISING COSTS THAT NECESSITATE RETRENCHMENTS​.  Full Article

Lonmin sees FY sales slightly above guidance
Friday, 6 Oct 2017 02:00am EDT 

Oct 6 (Reuters) - Lonmin Plc ::LONMIN ‍GAINS BANK SUPPORT FOR PANDORA AND SECURES A PRE-EMPTIVE COVENANT WAIVER​.LONMIN EXPECTS TO COMPLETE ACQUISITION OF PANDORA JV​ BEFORE ANNOUNCEMENT OF ITS FULL-YEAR RESULTS IN NOVEMBER 2017.‍COMPANY IS EXPLORING SEVERAL INITIATIVES AND IS CURRENTLY PROGRESSING EARLY STAGE DISCUSSIONS WITH A VARIETY OF PARTIES​.‍EXPECTS SALES TO BE SLIGHTLY ABOVE GUIDANCE FOR FINANCIAL YEAR 2017 AND CONFIRMS UNIT COST AND CAPEX GUIDANCE​.  Full Article

Lonmin says continues to be concerned by persistent adverse macroeconomic conditions
Monday, 7 Aug 2017 02:00am EDT 

Aug 7 (Reuters) - Lonmin Plc :CONTINUES TO BE CONCERNED BY PERSISTENT ADVERSE MACROECONOMIC CONDITIONS AND INFLATIONARY COST PRESSURES CONFRONTING PLATINUM MINING IN SOUTH AFRICA.SALE OF EXCESS PROCESSING CAPACITY OF UP TO 500,000 PLATINUM OUNCES PER ANNUM TO MAXIMISE CASH.WILL CONSIDER SELLING FOR CASH OR INTRODUCING JOINT VENTURE PARTNERS INTO LIMPOPO AND AKANANI TOGETHER WITH EXPLORING OPTIONS TO INTRODUCE FUNDING PARTNERS INTO K4."CURRENT CAPITAL POSITION MAKES IT CHALLENGING TO FUND MK2 PROJECT WHICH IS NECESSARY TO EXTEND ROWLAND'S ECONOMIC LIFE"."BELIEVES THAT MK2 PROJECT WILL BE VALUE ACCRETIVE AND COMPANY WILL EXPLORE OPTIONS TO INTRODUCE FUNDING PARTNERS AND PRESERVE APPROXIMATELY FIVE THOUSAND JOBS".REDUCTION IN ANNUAL OVERHEAD COSTS BY A MINIMUM OF ZAR500 MILLION BY END OF YEAR ENDING 30 SEPTEMBER 2018.APPROVAL BY DMR OF S11 APPLICATION TO ACQUIRE PANDORA JV FROM ANGLO PLATINUM WILL DEFER R2.6 BILLION OF CAPITAL EXPENDITURE.  Full Article

Lonmin says Q3 total tonnes mined increased by 3.8 pct to 2.7 mln tonnes
Monday, 17 Jul 2017 02:00am EDT 

July 17 (Reuters) - Lonmin Plc ::Q3 total tonnes mined increased by 3.8% to 2.7 million tonnes compared with Q3 2016, up 13.2% on Q2 2017.Q3 tonnes mined from our generation 2 shafts, which generate 84% of our production, increased by 9.0% to 2.2 million tonnes compared with prior year period and increased by 18.6% against Q2 2017.Q3 sales of 180,348 platinum ounces increased by 10.8% on prior year period.Gross cash improved to $236 million at 30 June 2017 from $225 million as at end of Q2.Net cash improved to $86 million (gross cash of $236 million less drawn term loan of $150 million) at 30 June.Maintaining sales guidance of between 650,000 platinum ounces to 680,000 platinum ounces, absent any unexpected interruptions to smooth running of mining production.Anticipate achieving revised unit cost guidance for FY17 of between R11,300 and R11,800 per pgm ounce.Maintaining revised capital expenditure guidance for current year to between R1.4 billion and R1.5 billion of which R917 million has been spent to date.  Full Article

Lonmin says Q2 refined platinum production down 7.5 pct
Monday, 15 May 2017 02:22am EDT 

May 15 (Reuters) - Lonmin Plc ::Tonnes mined from our generation 2 shafts were 1.9 million tonnes, a decrease of 2.8 pct or 55,000 tonnes on comparative period, as k3's underperformance predominantly weighed down overall performance.Says marikana mining operations including pandora (100 pct) produced 2.4 million tonnes during quarter.Poor mining performance from q1 2017 continued into january 2017, with mining production of 584,000 tonnes for month.March production of 978,000 tonnes illustrates mining improvement from poor performance in first four months to 31 january 2017..K3 produced 276,000 tonnes in march 2017, highest monthly mining production for last 29 months.Saffy shaft produced 213,000 tonnes in march 2017, an all-time record for life of shaft..Tonnes lost due to section 5.Refined platinum production of 164,138 ounces was down 7.5 pct on prior year period, reflecting weak mining performance.Q2 platinum sales of 172,042 ounces were down 18.6 pct on comparative prior year period..Average rand full basket price (including base metals) up 1.9 pct on q2 2016, at r11,250 per pgm ounce..Says k3, biggest shaft, produced 583,000 tonnes, a decrease of 8.0 pct or 51,000 tonnes on comparative prior year period.Says rowland shaft produced 452,000 tonnes, an increase of 7.6 pct on comparative prior year period.As at 31 march 2017, ore reserve position of marikana mining operations represents an average of 20.6 months production.  Full Article

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Jobs the centre-piece of Sibanye-Lonmin merger scrutiny: Lonmin CEO

LONDON Plans to cut around 13,000 jobs are likely to be the biggest obstacle to miner Sibanye-Stillwater winning South African regulatory approval for its proposed takeover of troubled rival Lonmin , the CEO of Lonmin told Reuters.