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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Lonmin Plc | LSE:LMI | London | Ordinary Share | GB00BYSRJ698 | ORD USD0.0001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 75.60 | 73.70 | 74.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMLMI
RNS Number : 8083G
Lonmin PLC
12 May 2014
REGULATORY RELEASE
12 May 2014
Second Quarter 2014 Production Report
Lonmin Plc ("Lonmin" or "the Company"), the world's third largest Platinum producer, today announces its production results for the three months to 31 March 2014 (unaudited).
Overview
Our performance in Quarter Two was impacted by the protected strike action in the South African Platinum sector led by AMCU. Around 70% of Lonmin's mining employees belong to AMCU. The strike commenced on 23 January and since then there has only been limited production from contractor operations.
The rolling twelve month average Lost Time Injury Frequency Rate (LTIFR) for the twelve months to 31 March 2014, improved to 3.23 incidents per million man hours compared to 3.66 at 31 March 2013 and reflects the reduced hours of work as a result of the strike.
Mining Division
The Marikana underground mining operations produced 0.5 million tonnes during the second quarter, a decrease of 2.1 million tonnes or 81% on the prior year period due to the strike which impacted all underground shafts.
Production from our Merensky opencast operations of 77,000 tonnes was enabled by contract mining and was 42% lower than the prior year period as this operation but has been scaled back due to the subdued price environment. Pandora (100%) production decreased by 90,000 tonnes, or 75% on the prior year quarter due to the impact of the strike.
In total, 2,535,000 tonnes of underground production were lost during the quarter, of which 2,515,000 tonnes were lost due to industrial action, 15,000 tonnes related to Section 54 safety stoppages and an additional 5,000 tonnes to management induced safety stoppages (MISS). This compared to a total of 140,000 tonnes lost in the prior year period of which 82,000 tonnes were due to Section 54 safety stoppages, 27,000 tonnes were due to MISS and 31,000 tonnes were due to labour stoppages.
Process Division
Total tonnes milled in the quarter at 0.5 million tonnes were down 2.3 million tonnes on the prior year period or 82% as the concentrating division was shut down due to the industrial action.
Underground milled head grade increased by 11% to 5.14 grammes per tonne (5PGE+Au) when compared to 4.62 grammes per tonne in the prior year period. This increase was due to the distorting effect of shutting down of the plant. The overall milled head grade was 4.86 grammes per tonne, up 7% on the prior year period.
Underground concentrator recoveries for the quarter increased by 1.0 percentage point to 87.8% when compared to the prior year period. Overall concentrator recoveries for the quarter increased by 0.7 percentage points to 87.5% when compared to the prior year.
Total PGMs and Platinum in concentrate for the quarter at 66,912 and 35,426 saleable ounces respectively were 80% lower than the prior year period due to the shutdown of the plant as a result of the industrial action.
Total refined production for the first quarter at 60,968 ounces of saleable Platinum was down 68% when compared against the prior year period. Due to the industrial action the refinery plants were shut down and the smelter idled. Pipeline stocks have not been depleted to the same extent as in FY12. Total PGMs produced in the second quarter were 158,462 ounces, a decrease of 57% on the prior year period.
Sales & Pricing
Sales for the quarter at 128,871 Platinum ounces were down 41% and PGM sales at 301,658 ounces were down 25% as the sale of stocks held at the end of Quarter One in anticipation of the strike partly reduced the impact of the lower refined production. The US dollar basket price (excluding base metal credits) at $967 per ounce during the quarter was down 18% on the prior year period while the corresponding Rand basket price, R10,390 per ounce, was only 1% lower than the prior year period on the back of Rand weakness.
Lonmin also publishes today, in a separate announcement, its interim Results for the half year ended 31 March 2014.
- ENDS -
ENQUIRIES
Investors / Analysts:
Lonmin
Hot Features
Premium
+27 11 218 8358
Tanya Chikanza (Head of Investor /
Relations) +44 20 7201 6007
+27 11 218 8373
Floyd Sibandze (Investor Relations /
Manager) +44 20 7201 6007
Media:
Cardew Group James Clark / Emma Crawshaw +44 20 7930 0777 Sue Vey +27 72 644 9777
Notes to editors
Lonmin, which is listed on both the London Stock Exchange and the Johannesburg Stock Exchange, is one of the world's largest primary producers of PGMs. These metals are essential for many industrial applications, especially catalytic converters for internal combustion engine emissions, as well as their widespread use in jewellery.
Lonmin's operations are situated in the Bushveld Igneous Complex in South Africa, where nearly 80% of known global PGM resources are found.
The Company creates value for shareholders through mining, refining and marketing PGMs and has a vertically integrated operational structure - from mine to market. Underpinning the operations is the Shared Services function which provides high quality levels of support and infrastructure across the operations.
For further information please visit our website: http://www.lonmin.com
3 months 3 months
to 31 Mar to 31 Mar
2014 2013
------------------ ----------------------- --------------------------- ----- ---------- ----------
Tonnes mined Marikana(1) K3 shaft kt 126 778
4B/1B shaft kt 73 433
--------------------------- ------------------------------------------------ ---------- ----------
Karee kt 199 1,210
Rowland shaft kt 85 429
Newman shaft kt 37 227
Hossy shaft kt 40 231
W1 shaft kt 13 40
--------------------------- ------------------------------------------------ ---------- ----------
Westerns kt 174 927
Saffy shaft kt 72 244
East 1 shaft kt 8 100
East 2 shaft kt 32 86
East 3 shaft Kt 2 21
--------------------------- ------------------------------------------------ ---------- ----------
Easterns kt 114 452
--------------------------- ------------------------------------------------ ---------- ----------
Underground kt 487 2,590
Opencast kt 77 133
Total kt 564 2,722
--------------------------- ------------------------------------------------ ---------- ----------
Pandora (100%)(2) Underground kt 29 120
----------------------- --------------------------- ------------------------ ---------- ----------
Limpopo(3) Underground kt 5 0
----------------------- --------------------------- ------------------------
Lonmin (100%) Total tonnes mined (100%) kt 598 2,842
% tonnes mined from UG2
reef (100%) % 68.3 73.2
--------------------------- ------------------------------------------------ ---------- ----------
Lonmin (attributable) Underground & Opencast kt 581 2,773
----------------------- --------------------------- ------------------------ ---------- ----------
Lonmin excluding
Ounces mined(4) Pandora Pt ounces oz 38,161 171,170
Pandora (100%) Pt ounces oz 2,355 8,776
Limpopo Pt ounces oz 192 0
--------------------------- ------------------------ ---------- ----------
Lonmin Pt ounces oz 40,708 179,946
Lonmin excluding
Pandora PGM ounces oz 72,335 318,056
Pandora (100%) PGM ounces oz 4,618 16,697
Limpopo PGM ounces oz 564 0
--------------------------- ------------------------ ---------- ----------
Lonmin PGM ounces oz 77,517 334,753
----------------------- ------------------------
Tonnes milled(5) Marikana Underground kt 407 2,592
Opencast kt 69 121
Total kt 476 2,713
--------------------------- ------------------------------------------------ ---------- ----------
Pandora(6) Underground kt 25 120
----------------------- --------------------------- ------------------------ ---------- ----------
Lonmin Platinum Underground kt 432 2,711
Head grade(7) g/t 5.14 4.62
Recovery rate(8) % 87.8% 86.8%
Opencast kt 69 121
Head grade(7) g/t 3.09 2.89
Recovery rate(8) % 84.4% 85.8%
Total kt 500 2,833
Head grade(7) g/t 4.86 4.54
Recovery rate(8) % 87.5% 86.8%
--------------------------- ------------------------------------------------ ---------- ----------
3 months 3 months
to 31 Mar to 31 Mar
2014 2013
----------------- ----------------------- ------------ ---- ---------- ----------
Metals in
concentrate(9) Marikana Platinum oz 32,545 170,830
------------------
Palladium oz 15,159 76,816
Gold oz 992 4,582
Rhodium oz 4,355 22,411
Ruthenium oz 7,126 34,691
Iridium oz 1,403 8,299
Total PGMs oz 61,579 317,628
Nickel(10) MT 204 900
Copper(10) MT 139 582
------------ ---------------------------------------------- ---------- ----------
Pandora Platinum oz 2,022 8,759
Palladium oz 961 3,985
Gold oz 18 66
Rhodium oz 338 1,378
Ruthenium oz 534 2,082
Iridium oz 84 403
Total PGMs oz 3,957 16,673
Nickel(10) MT 3 15
Copper(10) MT 2 8
------------ ---------------------------------------------- ---------- ----------
Concentrate purchases Platinum oz 859 973
Palladium oz 241 302
Gold oz 5 3
Rhodium oz 106 95
Ruthenium oz 116 102
Iridium oz 49 42
Total PGMs oz 1,375 1,516
Nickel(10) MT 0 0
Copper(10) MT 0 0
------------ ----------------------------------------------
Lonmin Platinum Platinum oz 35,426 180,562
Palladium oz 16,360 81,103
Gold oz 1,014 4,651
Rhodium oz 4,800 23,883
Ruthenium oz 7,776 36,874
Iridium oz 1,536 8,745
Total PGMs oz 66,912 335,817
Nickel(10) MT 207 915
Copper(10) MT 142 590
------------ ---------------------------------------------- ---------- ----------
3 months 3 months
to 31 to 31
Mar Mar
2014 2013
-------------------- ------------------- ------------ ---- --------- ---------
Lonmin refined
Refined production metal production Platinum oz 60,417 189,356
-------------------
Palladium oz 35,298 85,339
Gold oz 2,236 5,489
Rhodium oz 35,660 29,496
Ruthenium oz 15,481 50,860
Iridium oz 7,410 4,252
Total PGMs oz 156,503 364,792
------------ --------------------------------------------- --------- ---------
Toll refined
metal production Platinum oz 551 1,273
-------------------
Palladium oz 240 184
Gold oz 12 20
Rhodium oz 73 28
Ruthenium oz 171 3,728
Iridium oz 911 646
Total PGMs oz 1,959 5,879
------------ --------------------------------------------- --------- ---------
Total refined
PGMs Platinum oz 60,968 190,629
-------------------
Palladium oz 35,538 85,523
Gold oz 2,248 5,509
Rhodium oz 35,734 29,524
Ruthenium oz 15,652 54,588
Iridium oz 8,321 4,898
Total PGMs oz 158,462 370,671
------------ --------------------------------------------- --------- ---------
Base metals Nickel(11) MT 258 883
-------------------
Copper(11) MT 169 563
------------ --------------------------------------------- --------- ---------
Refined metal
Sales sales Platinum oz 128,871 217,800
-------------------
Palladium oz 88,652 96,703
Gold oz 3,700 5,937
Rhodium oz 30,066 29,107
Ruthenium oz 39,788 47,356
Iridium oz 10,581 7,273
Total PGMs oz 301,658 404,176
------------ --------------------------------------------- --------- ---------
Nickel(11) MT 664 995
Copper(11) MT 301 823
Chrome(11) MT 116,279 373,459
------------ --------------------------------------------- --------- ---------
3 months 3 months
to 31 to 31
Mar Mar
2014 2013
---------------- ----------------------------- ------ --------- ---------
Average prices Platinum $/oz 1,408 1,609
Palladium $/oz 741 734
Gold $/oz 1,510 1,537
Rhodium $/oz 1,056 1,197
Ruthenium $/oz 55 74
Iridium $/oz 492 998
$ basket excl. by-product
revenue(12) $/oz 967 1,178
$ basket incl. by-product
revenue(13) $/oz 1,010 1,244
R basket excl. by-product
revenue(12) R/oz 10,390 10,527
R basket incl. by-product
revenue(13) R/oz 10,845 11,109
----------------------------- ----------------------- --------- ---------
Nickel(11) $/MT 11,681 14,106
Copper(11) $/MT 7,087 7,528
Chrome(11) $/MT 23 17
----------------------------- ----------------------- --------- ---------
Exchange rates Average rate for period(14) R/$ 10.82 8.91
-----------------
Closing
rate R/$ 10.54 9.22
----------------------------- ----------------------- --------- ---------
Notes:
1 Following the management restructuring in 2013 the mining structure was reconfigured into three divisions and we now report production on a shaft by shaft basis.
2 Pandora underground tonnes mined represents 100% of the total tonnes mined on the Pandora joint venture of which 42.5% is attributable to Lonmin.
3 Limpopo underground tonnes mined represents low grade development tonnes whilst on care and maintenance.
4 Ounces mined have been calculated at achieved concentrator recoveries and as from 2014 with Lonmin standard downstream processing losses to present produced saleable ounces.
5 Tonnes milled excludes slag milling.
6 Lonmin purchases 100% of the ore produced by the Pandora joint venture for onward processing which is included in downstream operating statistics.
7 Head grade is the grammes per tonne (5PGE + Au) value contained in the tonnes milled and fed into the concentrator from the mines (excludes slag milled).
8 Recovery rate in the concentrators is the total content produced divided by the total content milled (excluding slag).
9 Metals in concentrate include metal derived from slag processing and as from 2014 have been calculated at Lonmin standard downstream processing losses to present produced saleable ounces.
10 Corresponds to contained base metals in concentrate.
11 Nickel is produced and sold as nickel sulphate crystals or solution and the volumes shown correspond to contained metal. Copper is produced as refined product but typically at LME grade C. Chrome is produced in the form of chromite concentrate and volumes shown are in the form of chromite.
12 Basket price of PGMs is based on the revenue generated in Rand and Dollar from the actual PGMs (5PGE + Au) sold in the period based on the appropriate Rand / Dollar exchange rate applicable for each sales transaction.
13 As per note 12 but including revenue from base metals.
14 Exchange rates are calculated using the market average daily closing rate over the course of the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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