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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 : 7617F
Lonmin PLC
01 August 2016
Third Quarter 2016 Production Report and Business Update
Lonmin Plc ("Lonmin" or "the Company"), one of the world's largest primary platinum producers, today announces its production results for the quarter ended 30 June 2016 (unaudited) and a business update. Ben Magara, Chief Executive Officer, said: 'Another good quarter in a challenging operating environment. Again I am pleased that we continue to focus and execute on our committed strategy.'
Third Quarter Highlights
-- LTIFR improved by 4.5%. Sadly two colleagues were fatally injured. We declared and held a Tripartite Safety Day on 14 July, in conjunction with the Department of Mineral Resources (DMR) and The Association of Mineworkers and Construction Union (AMCU)
-- Mined Platinum ounces up 3.3% to 166,581, notwithstanding the rationalisation of the workforce by 19% (compared to people as at 30 June 2015)
-- Concentrator recoveries continue to be industry leading at 87% -- Produced 2.6 million tonnes from underground mining, broadly flat on Q3 2015 -- Generation 2 shafts production up 8.7% to 2 million tonnes, and productivity up 6%
-- Unit costs reduced by 2.2% year-on-year to R10,596 per PGM ounce (6E basis), in spite of RSA CPI of 6.3% and increased safety stoppages
-- Average Rand full basket price (including base metals) up 9.2% on Q3 2015, at R11,864 per PGM ounce
-- Refined production of 173,512 and sales of 162,725 Platinum ounces on track to achieve full-year guidance
-- Net cash of $91 million as at 30 June 2016, after working capital and capital expenditure investment of $51 million. Total Liquidity at 30 June 2016 was $451 million
Hot Features
Premium
3 months 3 months
to 30 to 30
Jun Jun
2016 2015
Generation
Tonnes 2 kt 2 043 1 881
Generation
mined(1) 1 kt 526 698
Generation
3 kt 18
------------------- --------------------------------------------- --------------------- -------------------
Total underground kt 2 569 2 597
------------------- --------------------------------------------- --------------------- -------------------
Opencast kt 63
------------------- --------------------------------------------- --------------------- -------------------
Lonmin (100%, Total tonnes
incl Pandora) mined kt 2 569 2 659
% tonnes
mined from
UG2 reef % 74.6% 74.0%
Lonmin Total tonnes
(attributable) mined kt 2 508 2 604
------------------- ------------------- ------------------------- --------------------- -------------------
Lonmin (incl 166 161
Ounces Pandora) Platinum oz 581 204
320 310
mined(3) PGMs oz 514 051
------------------- ----- --------------------- -------------------
Tonnes Total kt 2 514 2 811
milled(4) Head grade(6) g/t 4.68 4.40
Recovery
rate(7) % 87.0% 86.7%
------------------- --------------------------------------------- --------------------- -------------------
164 172
Metals-in- Platinum oz 647 672
316 332
concentrate(8) Total PGMs oz 480 355
--------------------------------------- ------------------- ----- --------------------- -------------------
162 231
Sales Platinum oz 725 778
refined 315 437
metal Total PGMs oz 091 160
------------------- ----- --------------------- -------------------
Average $ basket incl. by-product
prices revenue(12) $/oz 796 907
R basket incl. by-product
revenue(12) ZAR/oz 11 864 10 861
---------------------------------------- ------------------------- --------------------- -------------------
Exchange Average rate
rate for period(13) ZAR/$ 14.99 12.08
Unit Cost of production ZAR/
costs per PGM ounce oz 10 596 10 839
------------------ ---------------------------------------- ------ --------------------- -------------------
Third Quarter Production Overview
Safety
-- The 12 month rolling LTIFR to 30 June improved by 4.5% to 4.87 per million man hours from 5.10 at 31 March.
-- Regrettably, two colleagues were fatally injured in April and May, and after the period end there was another fatality at our E3 shaft in July.
-- We have intensified our focus on a number of safety initiatives through visible felt leadership and direct employee engagement. This includes continued focus on Fatal Risk Control Protocols relating to Fall of Ground and Scraping & Rigging; mining industry occupational safety and health initiatives (MOSH); hands and finger injury prevention campaigns; cross-site safety audits; the roll out of people and vehicle detection systems; compliance audits on contractors and contractor management; and training through on-the-job team coaching and leadership coaching sessions.
-- We also declared and held a Tripartite Safety Day on 14 July at Rowland and E3 shafts, incorporating our key stakeholders including the DMR and AMCU, in our continuing efforts to prioritise improving safety performance. Alongside the Company, the focus on safety was also reiterated to employees by Mr Joseph Mathunjwa, the President of AMCU, and Mr Monageng Mothiba, Principal Inspector of Mines for the Rustenburg region and our CEO.
-- Our safety strategy is centred on the belief that zero harm is achievable and important contributions are required from all stakeholders to achieve it.
Mining Operations
The Marikana underground mining operations (including Pandora) produced 2.6 million tonnes during the third quarter, a decrease of 1.1% or 28,000 tonnes on the prior year period, reflecting the planned decrease in production from the Generation 1 shafts in line with our strategy to reduce high cost production in a low price environment. Mine production was also impacted by the Section 54 safety stoppages associated with the fatalities.
This production level was achieved in spite of the rationalisation of the workforce by 19% or 6,861 people as at 30 June 2015, comprising a reduction of 5,433 employees and contractors and the efficient reskilling and redeployment into vacant roles of 1,428 employees. The vacancies were predominantly as a result of a deliberate freeze on recruitment and losses due to natural attrition.
Generation 2 shafts
Production from our core Generation 2 shafts (K3, Rowland, Saffy and 4B/1B) was 2 million tonnes, an increase of 8.7% on Q3 2015 and accounted for 80% of total tonnes mined, emphasizing our continued focus on improving productivity at these shafts, which make up Lonmin's future.
-- Saffy shaft produced 518,000 tonnes, an increase of 19.5% on Q3 2015 as this shaft is now running at full production.
-- 4B/1B produced 427,000 tonnes, an increase of 16% on Q3 2015, despite the closure of 1B shaft in October 2015. (1B produced 52 000 tonnes in Q3 2015).
-- K3 produced 661,000 tonnes, an increase of 9.4% on Q3 2015.
-- Rowland shaft produced 437,000 tonnes, a decrease of 38,000 tonnes or 7.9% on Q3 2015. Production losses of 53,000 tonnes occurred mainly due to section 54 stoppages following the unfortunate fatality at this shaft.
Productivity at our Generation 2 shafts at 5.8 square metres per mining employee for Q3 YTD 2016 improved by 6% on Q3 YTD 2015. The increase in productivity is mainly due to labour rationalisation at these shafts, our Theory of Constraints (TOC) initiatives and a drive to reduce absenteeism.
Generation 1 shafts
In line with the Group's rationalisation of high cost areas, production from our Generation 1 shafts (Hossy, Newman, W1, E1, E2, E3 and Pandora (100%)) at 526,000 tonnes was 24.7% lower than Q3 2015. These shafts are managed as a coherent unit, which provides better flexibility to retain/close them, depending on their profit contribution to the Company.
Ore reserves
Operational flexibility was preserved with the immediately available ore reserve position of 3.9 million square metres at the end of Q3 2016, or 22 months average production.
Production Losses
A total of some 243,000 tonnes of production was lost in the quarter due to Section 54 safety stoppages compared to 260,000 tonnes in Q3 2015. This sustained level of lost production is disappointing. We believe safety is a proxy for good performance and the board and management have implemented the safety initiatives highlighted above most importantly to improve safety and to reduce production losses.
Q3 2016 Q3 2015
Tonnes Tonnes
------------------------------------------------ --------- ---------
Section 54 safety stoppages 243,000 260,000
Management induced safety stoppages and other 68,000 41,000
Total tonnes lost 311,000 301,000
------------------------------------------------ --------- ---------
Process Operations
Milling production in the quarter of 2.5 million tonnes was in line with tonnes mined of 2.6 million tonnes, but 10.6% lower than the 2.8 million milled in Q3 2015, as a result of an ore stockpile that was milled in 2015. However, mined saleable ounces increased by 3.3% to 166,581 and the platinum production (Metal in Concentrate) was only 4.6% lower and the PGMs in concentrate were only 4.8% lower than Q3 2015 due to an improvement in underground grade.
Underground milled head grade at 4.69 grammes per tonnes (5PGE+Au) increased by 5.9% when compared to the 4.42 grammes per tonne achieved in Q3 2015 due to improved ore mix. The overall milled head grade was 4.68 grammes per tonne, up 6.4% on the prior year period due to the decrease in lower grade opencast ore.
Concentrator recoveries for the quarter continue to be excellent and industry leading at 87.0%.
Total refined Platinum production at 173,512 ounces was 28.1% lower than Q3 2015, but in line with the plan and the Q2 2016 refined Platinum production of 177,444 ounces. Total PGMs produced were 348,712 ounces, a decrease of 22.7% on Q3 2015. Total PGM production in Q3 2015 was the highest volume refined in a single quarter since Q4 2013, as a result of the release of built-up metal stock following the repairs and reopening of Number One furnace in March 2015 and reopening of Number Two furnace in January 2015.
Refined Platinum production benefited from the smelter clean-up project, which released 8,865 ounces during the quarter. The Other Precious Metals Plant, which was commissioned in H1 2016, significantly increased the production of Rhodium and Iridium due to improved recoveries and pipeline shortening. As a result, total refined Rhodium production at 35,120 ounces was higher than the saleable Rhodium-in-concentrate of 23,825 ounces and total refined Iridium production at 10,459 ounces was higher than the saleable Iridium-in-concentrate of 8,101 ounces.
Sales & Pricing
Platinum sales for the quarter at 162,725 ounces were slightly lower than refined production to accommodate customer delivery schedules. This was a decrease of 29.8% or 69,054 ounces compared with Q3 2015, when the refined production was extremely high due to the release of built-up stock following the smelter outages during 2015. PGM sales were 315,091 ounces, down 27.9% on the comparatively high Q3 2015 sales.
The US Dollar basket price (including base metal revenue) at $796 per ounce during the quarter was down 12.2% on Q3 2015 while the corresponding Rand basket price (R11,864 per ounce) was 9.2% higher than the prior year period and 7.5% higher than Q2 2016 impacted by the Rand weakness. The average Rand to US Dollar exchange rate was 24.2% weaker at 14.99 compared to 12.08 in Q3 2015.
Unit costs
Unit costs for the quarter were contained to R10,596 per PGM ounce, a year on year decrease of 2.2%, demonstrating the success of the cost cutting programme outlined in our business plan, notwithstanding increased safety stoppages and despite the 8.2% year on year increase in labour costs and the RSA CPI of 6.3% for June 2016.
Wage negotiations update
We have entered into negotiations with AMCU for wage increases effective 1 July 2016. The negotiations have started well and have been constructive as we have been working closely with our employees and unions. Union membership remains stable with AMCU representing 80% and 90.7% of overall Company employees and category 4-9 employees respectively.
Bulk tailings treatment
We have secured third party funding for the Bulk Tailings Treatment project. All material agreements are being finalised and we have obtained consent from Lonmin's lending banks to proceed with this transaction. We are now finalising the remaining supporting documentation and expect to have access to the first tranche of project funding thereafter.
FTSE4Good index series
Lonmin is pleased to advise that it has been confirmed a constituent of the FTSE4Good Index Series following the review of our strong environmental, social and governance practices.
Kenya JV
Lonmin is pleased to announce that it has entered into an agreement with Acacia Mining plc to dispose of the 49% stake in West Kenya JV for a cash consideration of $5 million. This is in line with our strategy of divesting non-core assets and maximising cash to focus on our core platinum operations.
Outlook and Guidance
The period we are reporting on has been marked by complex and competing themes as the operating environment has remained challenging. Whilst we are pleased with the implementation of our business plan, we have yet to fully harness the associated benefits and productivity gains. As the disruption created by the employee and contractor rationalisation process settles down we expect the mining teams to return to the long run target levels of production with the objective of improving cash generation.
Historically, the fourth quarter of our financial year which has the most uninterrupted working days, is our strongest, on the back of a smooth uninterrupted mining production run. We are, however, conscious of a number of events occurring during this year's fourth quarter, including local government elections, wage negotiations, and various holidays, which have the potential to interfere with production. We will monitor these events closely to reduce the impact on production and ultimately unit costs.
We remain focused on addressing the root causes of safety incidents as demonstrated by the Tripartite Safety Day we held on 14 July 2016 with our stakeholders and on reducing absenteeism.
In light of the above, we anticipate achieving unit costs in FY16 of between R10,400 and R10,700 per PGM ounce.
We expect to achieve our Platinum sales guidance of 700,000 ounces for the year.
Capital expenditure guidance remains unchanged at $105 million, although this could be impacted by currency fluctuations.
-S -
ENQUIRIES
Investors / Analysts:
Lonmin
Tanya Chikanza (Head of Investor Relations) +27 11 218 8358 /+44 207 201 6007 Andrew Mari (Investor Relations Manager) +27 11 218 8420
Media:
Cardew Group
Anthony Cardew / Emma
Crawshaw +44 207 930 0777
Sue Vey +27 60 523 7953
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 more than 70% of known global PGM resources are located.
The Company creates value 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 9 months 9 months
to 30 to 30 to 30 to 30
Jun Jun Jun Jun
2016 2015 2016 2015
----------------------------------------------------------- --------- --------- --------- -------------
Generation
Tonnes mined(1) 2 K3 Shaft kt 661 604 1 979 1 940
Rowland
Shaft kt 437 475 1 245 1 401
Saffy Shaft kt 518 433 1 507 1 264
4B/1B Shaft kt 427 368 1 196 1 190
Generation
2 kt 2 043 1 881 5 927 5 795
----------------- ----------------------------------------- --------- --------- --------- -------------
Generation
1 Hossy Shaft kt 187 195 521 729
Newman Shaft kt 45 192 290 592
W1 Shaft kt 41 45 129 134
East 1 Shaft kt 39 37 109 111
East 2 Shaft kt 73 99 227 293
East 3 Shaft kt 20 19 43 51
Pandora
(100%)(2) kt 123 110 387 420
Generation
1 kt 526 698 1 705 2 330
----------------- ----------------------------------------- --------- --------- --------- -------------
Generation
3 K4 Shaft kt 18 0 41
----------------- ----------------- ----------------------- --------- --------- --------- -------------
Total
underground kt 2 569 2 597 7 632 8 166
----------------- ----------------------------------------- --------- --------- --------- -------------
Opencast kt 63 10 171
----------------- ----------------------------------------- --------- --------- --------- -------------
Total tonnes
Lonmin (100%) mined (100%) kt 2 569 2 659 7 642 8 336
% tonnes
mined from
UG2 reef % 74.6% 74.0% 75.7% 75.5%
----------------- ----------------------------------------- --------- --------- --------- -------------
Lonmin Underground
(attributable) & Opencast kt 2 508 2 604 7 448 8 117
Lonmin excluding 157 154 461 492
Ounces mined(3) Pandora Platinum oz 984 040 351 585
Pandora
(100%) Platinum oz 8 597 7 164 26 657 28 279
----------------- ----------------- ----------------------- --------- --------- --------- -------------
166 161 488 520
Lonmin Platinum oz 581 204 008 864
----------------- ----------------- ----------------------- --------- --------- --------- -------------
Lonmin excluding 303 295 885 944
Pandora PGMs oz 620 889 706 707
Pandora
(100%) PGMs oz 16 893 14 162 52 318 55 774
----------------- ----------------- ----------------------- --------- --------- --------- -------------
320 310 938 1 000
Lonmin PGMs oz 514 051 024 481
----------------- ----------------- ----------------------- --------- --------- --------- -------------
Tonnes milled(4) Marikana Underground kt 2 382 2 642 7 107 8 127
Opencast kt 9 59 60 266
Total kt 2 391 2 701 7 166 8 393
----------------- ----------------------------------------- --------- --------- --------- -------------
Pandora(5) Underground kt 123 110 387 438
--------- --------- --------- -------------
Lonmin Platinum Underground kt 2 505 2 752 7 494 8 565
Head grade(6) g/t 4.69 4.42 4.61 4.52
Recovery
rate(7) % 87.0% 86.7% 86.9% 86.9%
Opencast kt 9 59 60 266
Head grade(6) g/t 3.04 3.12 2.81 3.08
Recovery
rate(7) % 83.8% 85.0% 83.9% 85.2%
Total kt 2 514 2 811 7 554 8 831
Head grade(6) g/t 4.68 4.40 4.59 4.48
Recovery
rate(7) % 87.0% 86.7% 86.8% 86.9%
----------------- ----------------------------------------- --------- --------- --------- -------------
3 months 3 months 9 months 9 months
to 30 to 30 to 30 to 30
Jun Jun Jun Jun
2016 2015 2016 2015
---------------------------------------------------- --------- --------- --------- -------------
155 163 456 520
Metals-in- Marikana Platinum oz 010 840 130 366
o 212 241
concentrate(8) Palladium z 72 516 76 956 642 143
Gold oz 3 730 3 818 10 953 12 232
Rhodium oz 22 302 23 729 65 952 76 595
107 124
Ruthenium oz 36 840 39 266 831 656
Iridium oz 7 572 7 800 21 556 24 327
297 315 875 999
Total PGMs oz 970 410 063 319
Nickel(9) MT 775 829 2 280 2 618
Copper(9) MT 477 515 1 403 1 620
------------ --------------------------------------- --------- --------- --------- -------------
Pandora Platinum oz 8 597 7 164 26 657 29 375
Palladium oz 4 058 3 373 12 478 13 671
Gold oz 27 20 79 101
Rhodium oz 1 416 1 192 4 407 5 010
Ruthenium oz 2 315 2 024 7 235 8 212
Iridium oz 481 389 1 462 1 563
Total PGMs oz 16 893 14 162 52 318 57 932
Nickel(9) MT 21 16 79 63
Copper(9) MT 8 7 26 28
------------ --------------------------------------- --------- --------- --------- -------------
Concentrate Platinum oz 1 039 1 667 3 304 4 916
purchases Palladium oz 272 496 1 083 1 493
Gold oz 3 4 12 15
Rhodium oz 106 228 407 642
Ruthenium oz 147 294 620 839
Iridium oz 48 92 169 261
Total PGMs oz 1 616 2 783 5 596 8 166
Nickel(9) MT 0 1 2 2
Copper(9) MT 0 1 1 2
------------ --------------------------------------- --------- --------- --------- -------------
164 172 486 554
Lonmin Platinum Platinum oz 647 672 091 657
226 256
Palladium oz 76 846 80 825 204 307
Gold oz 3 760 3 843 11 044 12 348
Rhodium oz 23 825 25 149 70 766 82 248
115 133
Ruthenium oz 39 301 41 584 686 707
Iridium oz 8 101 8 282 23 186 26 151
316 332 932 1 065
Total PGMs oz 480 355 977 417
Nickel(9) MT 796 846 2 360 2 684
Copper(9) MT 485 523 1 430 1 650
------------ --------------------------------------- --------- --------- --------- -------------
3 months 3 months 9 months 9 months
to 30 to 30 to 30 to 30
Jun Jun Jun Jun
2016 2015 2016 2015
----------------------------------------------------- --------- --------- --------- -------------
173 241 520 502
Refined Lonmin refined Platinum oz 302 170 065 977
111 237 232
production metal production Palladium oz 82 590 938 687 018
Gold oz 4 585 5 628 14 113 12 298
Rhodium oz 35 085 25 317 88 855 62 216
120 122
Ruthenium oz 42 268 61 388 691 310
Iridium oz 10 404 5 300 30 844 17 203
348 450 1 012 949
Total PGMs oz 233 742 255 021
------------ ---------------------------------------- --------- --------- --------- -------------
Toll refined
metal Platinum oz 210 2 331 496
production Palladium oz 100 599 186
Gold oz 4 24 9
Rhodium oz 35 35 170 61
Ruthenium oz 75 79 640 2 024
Iridium oz 55 30 91 543
Total PGMs oz 479 144 3 856 3 320
------------ ---------------------------------------- --------- --------- --------- -------------
Total refined 173 241 522 503
PGMs Platinum oz 512 170 396 473
111 238 232
Palladium oz 82 690 938 286 204
Gold oz 4 589 5 628 14 137 12 307
Rhodium oz 35 120 25 353 89 025 62 277
121 124
Ruthenium oz 42 343 61 467 331 334
Iridium oz 10 459 5 330 30 935 17 746
348 450 1 016 952
Total PGMs oz 712 885 110 341
------------ ---------------------------------------- --------- --------- --------- -------------
Base metals Nickel(10) MT 930 1 200 2 673 2 557
Copper(10) MT 519 710 1 531 1 495
------------ ---------------------------------------- --------- --------- --------- -------------
Refined 162 231 524 497
Sales metal sales Platinum oz 725 778 607 719
108 239 232
Palladium oz 77 134 745 879 993
Gold oz 4 200 4 560 14 845 11 610
Rhodium oz 28 122 26 369 89 283 57 558
113 134
Ruthenium oz 31 511 61 207 605 807
Iridium oz 11 400 4 500 32 142 17 220
315 437 1 014 951
Total PGMs oz 091 160 360 907
------------ ---------------------------------------- --------- --------- --------- -------------
Nickel(10) MT 744 775 2 525 2 276
Copper(10) MT 563 402 1 641 1 186
277 350 1 030 1 118
Chrome(10) MT 489 839 468 252
------------ ---------------------------------------- --------- --------- --------- -------------
Average Platinum $/oz 1 005 1 114 936 1 153
prices Palladium $/oz 565 756 556 771
Gold $/oz 1 510 1 468 1 404 1 494
Rhodium $/oz 673 1 036 684 1 116
$ basket excl. by-product
revenue(11) $/oz 760 869 716 894
$ basket incl. by-product
revenue(12) $/oz 796 907 755 950
R basket excl. by-product
revenue(11) R/oz 11 321 10 408 10 682 10 430
R basket incl. by-product
revenue(12) R/oz 11 864 10 861 11 242 11 079
-------------------------------- --------------------- --------- --------- --------- -------------
Nickel(10) $/MT 7 215 11 071 7 026 11 857
Copper(10) $/MT 4 637 6 049 4 524 6 072
-------------------------------- --------------------
Average rate for
Exchange period(13) ZAR/$ 14.99 12.08 15.00 11.68
Closing
rates rate ZAR/$ 14.72 12.16 14.72 12.16
------------ -------------------------------- ------- --------- --------- --------- -------------
Unit Cost of production
costs per PGM ounce ZAR/oz 10 596 10 839 10 643 10 546
------------ -------------------------------- -------- --------- --------- --------- -------------
Notes:
1 Reporting of shafts are in line with our operating strategy for Generation 1 and Generation 2 shafts.
2 Pandora underground tonnes mined represents 100% of the total tonnes mined on the Pandora joint venture of which 42.5% for October and November 2014 and 50% thereafter is attributable to Lonmin.
3 Ounces mined have been calculated at achieved concentrator recoveries and with Lonmin standard downstream processing recoveries to present produced saleable ounces.
4 Tonnes milled exclude slag milling.
5 Lonmin purchases 100% of the ore produced by the Pandora joint venture for onward processing which is included in downstream operating statistics.
6 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).
7 Recovery rate in the concentrators is the total content produced divided by the total content milled (excluding slag).
8 Metals-in-concentrate have been calculated at Lonmin standard downstream processing recoveries to present produced saleable ounces.
9 Corresponds to contained base metals-in-concentrate.
10 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.
11 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.
12 As per note 11 but including revenue from base metals.
13 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
DRLKFLFXQDFEBBX
(END) Dow Jones Newswires
August 01, 2016 02:00 ET (06:00 GMT)
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