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Lonmin PLC (LMI.L)

LMI.L on London Stock Exchange

73.30GBp
23 Apr 2019
Change (% chg)

-0.30 (-0.41%)
Prev Close
73.60
Open
74.10
Day's High
74.10
Day's Low
70.30
Volume
368,602
Avg. Vol
550,967
52-wk High
85.60
52-wk Low
36.00

Latest Key Developments (Source: Significant Developments)

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

UK's CMA Considering If Sibanye-Lonmin Deal Would Lessen Competition
Tuesday, 15 May 2018 

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 

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

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