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United Kingdom

Lonmin PLC (LMI.L)

LMI.L on London Stock Exchange

75.60GBp
9 Jun 2019
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Latest Key Developments (Source: Significant Developments)

Lonmin Sees FY Sales To Be At Lower End Of Range Between 640,000 And 670,000 Platinum Ounces
Friday, 10 May 2019 

May 10 (Reuters) - Lonmin PLC ::OPERATING PROFIT FOR FIRST SIX MONTHS OF FY 2019 WAS $70 MILLION COMPARED TO H1 2018 OPERATING LOSS OF $32 MILLION.G SONAMZI WAS FATALLY INJURED DURING Q2 2019, RESULTING IN A TOTAL OF TWO FATALITIES IN FIRST SIX MONTHS.PLATINUM SALES FOR Q2 2019 OF 146,459 OUNCES WERE 4.2% HIGHER THAN Q2 2018.REFINED PLATINUM PRODUCTION FOR Q2 2019 OF 142,260 OUNCES WAS 16.0% HIGHER THAN Q2 2018.TOTAL COST OF PRODUCTION FOR FIRST SIX MONTHS WAS CONFINED TO AN INCREASE OF 5.6%, FROM R7.3 BILLION TO R7.7 BILLION.UNIT COST FOR FIRST SIX MONTHS WAS R14,994 PER PGM OUNCE, 15.5% HIGHER THAN H1 2018.CAPITAL EXPENDITURE GUIDANCE FOR YEAR IS MAINTAINED AT BETWEEN R1.4 BILLION AND R1.5 BILLION.WORKFORCE HAS BEEN REDUCED YEAR ON YEAR BY 4% TO 29,812 AT 31 MARCH 2019, FROM 31,040 AT 31 MARCH 2018.EXPECT SALES FOR FULL YEAR TO BE AT LOWER END OF SALES GUIDANCE RANGE OF BETWEEN 640,000 AND 670,000 PLATINUM OUNCES.LONMIN - HY OPERATIONAL PERFORMANCE HEAVILY IMPACTED BY LOW MORALE AND HIGH MANAGEMENT TURNOVER.SECTION 189 PROCESS INITIATED IN MARCH 2019 IS ONGOING.LONMIN - REVISING FY UNIT COST GUIDANCE RANGE TO BETWEEN R13 600 AND R14 400 PER PGM OUNCE PRODUCED, FROM BETWEEN R12,900 AND R13,400 PER PGM OUNCE.RETURN TO PROFITABILITY AND NEW $200 MILLION FORWARD METAL SALE FACILITY HAS IMPROVED LONMIN'S LIQUIDITY IN SHORT TERM.DESPITE PROGRESS MADE, THIS DOES NOT PROVIDE A LONG-TERM SOLUTION TO CAPITAL STRUCTURE CHALLENGES FACED BY LONMIN.  Full Article

Lonmin And Sibanye Agree Higher 226 Mln Stg Takeover Deal
Thursday, 25 Apr 2019 

April 25 (Reuters) - Lonmin PLC ::INCREASED OFFER , PUBLICATION LONMIN SCHEME CIRCULAR AND PUBLICATION OF SIBANYE-STILLWATER CIRCULAR.BOARDS OF SIBANYE-STILLWATER AND LONMIN HAVE REACHED AGREEMENT ON TERMS OF AN INCREASED RECOMMENDED ALL-SHARE OFFER.REVISED EXCHANGE RATIO REFLECTS AN INCREASE OF 0.033 NEW SIBANYE-STILLWATER SHARES PER LONMIN SHARE HELD AT EFFECTIVE TIME OF SCHEME.TERMS OF INCREASED OFFER REPRESENT VALUE OF 77.4 PENCE PER LONMIN SHARE AND £226 MILLION FOR ENTIRE ISSUED AND TO BE ISSUED ORDINARY CAPITAL OF CO.AFTER COMPLETION, CO SHAREHOLDERS TO HOLD ABOUT 10.9% OF ENLARGED SIBANYE-STILLWATER GROUP.LONMIN DIRECTORS INTEND THEREFORE TO UNANIMOUSLY RECOMMEND THAT LONMIN SHAREHOLDERS VOTE IN FAVOUR OF SCHEME AT COURT MEETING.INCREASED OFFER REFLECTS RECENT RECOVERY IN PGM PRICING ENVIRONMENT, BALANCED AGAINST FACT THAT LONMIN CONTINUES TO BE FINANCIALLY CONSTRAINED.LONMIN CONTINUES TO BE UNABLE TO FUND SIGNIFICANT INVESTMENT REQUIRED TO SUSTAIN ITS BUSINESS AND ASSOCIATED EMPLOYMENT.  Full Article

Sibanye Says Court Dismisses AMCU's Application For Leave To Appeal Against Initial Judgement
Monday, 25 Mar 2019 

March 25 (Reuters) - Sibanye::SIBANYE- LABOUR COURT DISMISSES AMCU'S APPLICATION FOR LEAVE TO APPEAL AGAINST INITIAL JUDGEMENT, UNION MEMBERSHIP VERIFICATION EXERCISE TO PROCEED.SIBANYE-CONFIDENT THAT OUTCOME OF VERIFICATION PROCESS WILL BRING AN END TO EXTENDED STRIKE ACTION.  Full Article

Lonmin Backs Sibanye Deal But Warns On Liquidity
Monday, 25 Mar 2019 

March 25 (Reuters) - Lonmin PLC ::AGM STATEMENT.COMMITTED R500 MILLION TOWARDS EMPLOYEE HOUSING AND LIVING CONDITIONS FOR PERIOD 2014 TO 2018.LIQUIDITY IS STILL INSUFFICIENT TO DRIVE NEW PROJECTS NECESSARY TO AVOID SHAFT CLOSURES AND JOB LOSSES.CONTINUE TO BELIEVE THAT CO'S TRANSACTION WITH LONMIN REPRESENTS A COMPREHENSIVE SOLUTION TO CHALLENGES FACING LONMIN."CHALLENGES FACING LONMIN AND INDUSTRY PERSIST".BELIEVE THAT A COMBINATION OF SIBANYE-STILLWATER AND LONMIN WILL CREATE A LARGER, MORE DIVERSIFIED AND RESILIENT COMPANY.CO REMAINS EXPOSED TO INFLATIONARY COST PRESSURES AS WELL AS VOLATILITY IN PGM PRICING AND EXCHANGE RATES.CONTINUE TO BE FINANCIALLY CONSTRAINED, UNABLE TO FUND SIGNIFICANT INVESTMENT REQUIRED TO SUSTAIN BUSINESS AND ASSOCIATED EMPLOYMENT IN FUTURE.POOR PRODUCTION AND CORRESPONDINGLY HIGH UNIT COSTS HAVE CONTINUED IN Q2, LARGELY OFFSETTING BENEFITS OF IMPROVED PGM PRICES.SHAREHOLDERS WILL HAVE AN OPPORTUNITY TO VOTE ON CO-SIBANYE DEAL ONCE AMCU APPEAL PROCESS HAS BEEN CONCLUDED.  Full Article

Lonmin Says Court Declares Secondary Strike Unprotected
Friday, 15 Mar 2019 

March 15 (Reuters) - Lonmin PLC ::COURT DECLARES SECONDARY STRIKE UNPROTECTED.COMPANY'S OPERATIONS CONTINUE TO RUN AS NORMAL..LABOUR COURT PASSED JUDGEMENT SECONDARY STRIKE PROPOSED BY AMCU WOULD BE UNPROTECTED, PREVENTING UNION FROM UNDERTAKING ACTION AT CO'S OPERATIONS.  Full Article

Lonmin Says Qtrly Mining Production Was Down 7 Pct
Friday, 8 Feb 2019 

Feb 8 (Reuters) - Lonmin PLC ::LONMIN PLC - Q1 2019 PRODUCTION REPORT AND BUSINESS UPDATE.LONMIN - Q1 PERFORMANCE ALSO IMPACTED BY A FATALITY WHICH OCCURRED ON 5 DECEMBER, AND FATALITY WHICH OCCURRED AT END OF Q4 2018 ON 30 SEPTEMBER 2018.LONMIN PLC - QTRLY MINING PRODUCTION WAS DOWN 166,000 TONNES OR 7.0% ON Q1 2018 AT 2.2 MILLION TONNES.LONMIN - QTRLY REFINED PLATINUM PRODUCTION OF 144,651 OUNCES WAS 10.4% LOWER ON BACK OF REDUCED MINING TONNES, LOWER GRADES AND RECOVERIES.LONMIN PLC - QTRLY UNIT COSTS WERE R14,795 PER PGM OUNCE (6E BASIS), AN INCREASE OF 16.5% ON Q1 2018.LONMIN PLC - PLATINUM MARKET REMAINS UNDER PRESSURE BUT BASKET IS SUPPORTED BY SIGNIFICANT GROWTH IN DEMAND FOR PALLADIUM AND RHODIUM.LONMIN PLC - SALES GUIDANCE FOR FULL YEAR IS MAINTAINED AT BETWEEN 640,000 AND 670,000 PLATINUM OUNCES.LONMIN PLC - MAINTAINING UNIT COST GUIDANCE OF BETWEEN R12,900 AND R13,400 PER PGM OUNCE PRODUCED FOR FY.LONMIN PLC - CAPITAL EXPENDITURE GUIDANCE FOR YEAR OF BETWEEN R1.4 BILLION AND R1.5 BILLION IS MAINTAINED.  Full Article

Lonmin Says Q4 Platinum Sales Were 217,710 Ounces, Broadly Flat On Q4 2017
Monday, 22 Oct 2018 

Oct 22 (Reuters) - Lonmin PLC ::LONMIN PLC - PLATINUM SALES FOR Q4 WERE 217,710 OUNCES, BROADLY FLAT ON Q4 2017.LONMIN PLC - TONNES MINED BY GENERATION 2 SHAFTS FOR Q4 OF 2.1 MILLION TONNES WERE BROADLY FLAT ON Q4 2017.LONMIN PLC - UNAUDITED NET CASH IMPROVED TO $114 MILLION AT 30 SEPTEMBER 2018, UP FROM $103 MILLION AT 30 SEPTEMBER 2017.LONMIN PLC - UNAUDITED UNIT COSTS FOR Q4 2018 WERE R11,617 PER PGM OUNCE (6E BASIS), AN INCREASE OF 0.8% ON Q4 2017.LONMIN PLC - Q4 PRODUCTION FROM GENERATION 1 SHAFTS AT 625,000 TONNES CONTINUES TO DECLINE AS PLANNED, WAS 3.9% LOWER THAN Q4 2017.LONMIN PLC - FOR Q4, PRODUCTION LOST DUE TO SECTION 54 SAFETY STOPPAGES TOTALLED ONLY 1,000 TONNES, VERSUS 38,000 TONNES IN Q4 2017.  Full Article

Lonmin Says SACC Recommends Lonmin-Sibanye-Stillwater Acquisition To Tribunal
Tuesday, 18 Sep 2018 

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 

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 

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

Chairman of South Africa's Sibanye-Stillwater to resign

JOHANNESBURG, May 29 South Africa's Sibanye-Stillwater said on Wednesday its Chairman Sello Moloko would step down after the precious metal producer and Lonmin cleared the final hurdle to create the world's second-largest platinum producer.