Lonmin Share Discussion Threads

[pixi] 14/6/2014 00:40

Well done!

[liam1om] 13/6/2014 15:04

Monday morning should be interesting. The deal should have been confirmed then either way.

[m w] 13/6/2014 13:12

Price of platinum

[mj19] 13/6/2014 10:49

going back down.... dont know why

[pictureframe] 12/6/2014 13:06

I am in for the recovery.

[outfly] 12/6/2014 12:59

Here it is, looks like they are off back to work.



Lonmin PLC Update on wage negotiations
Print
Alert
TIDMLMI

RNS Number : 4973J

Lonmin PLC

12 June 2014

Lonmin Plc

4 Grosvenor Place

London SW1X 7YL

United Kingdom

T: [phone]

F: [phone]

www.lonmin.com

REGULATORY RELEASE

12 June 2014

Update on wage negotiations

Lonmin Plc ("Lonmin" or the "Company") announces that informal undertakings have been reached in principle with the leadership of the Association of Mineworkers and Construction Union ("AMCU") in respect of wages and conditions of employment. AMCU will be discussing these in principle undertakings with its members to seek a mandate.

The same in principle undertakings have been received by our peer PGM producers, Anglo American Platinum Limited ("Amplats") and Impala Platinum Holding Limited ("Impala"), who will make their own announcements in the normal way.

The principles that underpin the proposals seek to achieve a sustainable future for the three platinum companies for the benefit of all stakeholders and to afford employees the best possible increase under the current financial circumstances.

The companies expect to receive feedback from AMCU on Friday, 13 June. Thereafter, and should an agreement be reached, the companies will be assisting employees to ensure a safe return to a normal working environment.

Further details will be made available once feedback is received from AMCU.

- ENDS -

ENQUIRIES

Investors / Analysts:

Lonmin

[captainhindsight] 12/6/2014 12:59

Lonmin PLC Update on wage negotiations
TIDMLMI

RNS Number : 4973J

Lonmin PLC

12 June 2014

Lonmin Plc

4 Grosvenor Place

London SW1X 7YL

United Kingdom

T: [phone]

F: [phone]

www.lonmin.com

REGULATORY RELEASE

12 June 2014

Update on wage negotiations

Lonmin Plc ("Lonmin" or the "Company") announces that informal undertakings have been reached in principle with the leadership of the Association of Mineworkers and Construction Union ("AMCU") in respect of wages and conditions of employment. AMCU will be discussing these in principle undertakings with its members to seek a mandate.

The same in principle undertakings have been received by our peer PGM producers, Anglo American Platinum Limited ("Amplats") and Impala Platinum Holding Limited ("Impala"), who will make their own announcements in the normal way.

The principles that underpin the proposals seek to achieve a sustainable future for the three platinum companies for the benefit of all stakeholders and to afford employees the best possible increase under the current financial circumstances.

The companies expect to receive feedback from AMCU on Friday, 13 June. Thereafter, and should an agreement be reached, the companies will be assisting employees to ensure a safe return to a normal working environment.

Further details will be made available once feedback is received from AMCU.

- ENDS -

ENQUIRIES

Investors / Analysts:

Lonmin


[phone]
Tanya Chikanza (Head of Investor /
Relations) [phone]
Floyd Sibandze (Investor Relations
Manager) [phone]

Media:

Cardew Group


James Clark [phone]
Sue Vey [phone]

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 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. Lonmin's mining operations extract ore from which the Process Division produces refined PGMs for delivery to customers. 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:

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCKMGMVMZKGDZM

[soi] 12/6/2014 12:57

Indeed, massive spike can`t find any news yet though.

[outfly] 12/6/2014 12:41

There must be some news out.

[outfly] 12/6/2014 10:53

Can only see this heading lower, probably under £2 by the end of next week.

[witheco] 11/6/2014 08:40

No because, if Pt price rises it can draw other mines into the commercial bracket and strengthen your competition. Think of the stink it would create in the political / financial institutions if started operating like a cartel. The IMF, WTO, STATE DEPARTMENT, EU etc would be calling for it's break up.

[m w] 10/6/2014 17:21

On the other hand if platinum production is restricted the price has to rise eventually insuring higher profits for the company and decent wage for the workers

[witheco] 10/6/2014 17:00

If Pt price had tracked the strike it could have damped the enthusiasm of the producers to meet the demands. Unfortunately. The mines are still open and all the overhead costs have to be met by some form of production. I think, it's better to start showing the teeth in the negotiation and start closing the shafts. Cause once labour takes an inch and victory now. It's an open cheque book for future. The producers have made a reasonable offer. If it surrenders any more. They will tempt the unions back and push the business into loss.

[m w] 10/6/2014 15:04

Without this strike what would the price of platinum be now????? 1200 to 1250 is my guess so maybe the bod are in no hurry to end this strike

[bouleversee] 10/6/2014 11:18

Thanks, Witheco. Fingers crossed they come to their senses soon.

[witheco] 10/6/2014 08:30

Wont go bust, but theres a good likelihood of further declines. I think the latest deadlocks are mainly political in nature than economic. The amounts between the two parties are negligible. Needs a strong arbitrator to split the difference, so no party can declare victory over the other. I thought (hoped) the ministry of mining may have been able to do this, but apparently not.

[bouleversee] 09/6/2014 23:23

So what should I (long term shareholder, losing a packet) be doing with my shares? Is the company going to go bust?

[witheco] 09/6/2014 20:33

Its a tragedy, AMCU has acted against the interest of its members. This will eventually mean, the closure of the mines. Loss of jobs, and its corresponding lower economic output and wealth for the south african society as a whole. It will also dissuade investors for putting front end capital to allow growth and wealth inflation to occur in the region. Of course, the argument that AMCU wants to pitch is that that wealth distribution is unfair, which they have a legitimate point, but the concessions made by the producers which have been more than reasonable to allow a typical miner with rudimentary levels of skills and education to take home wages and benefits well in excess of the national average is unjustified. The producers are burdening all the risk, the cost, maintenace of machinery, the development of infrastructure, the safety insurances, the uncertainty in the commodity markets and the exploration and research costs. Its an outright complete lack of any ownership skills, contempt and grasp of economics which AMCU has illustrated in these latest discussions. For the producers to surrender and be held to ransom for spurning development in south africa is an absurdity. Close down the mines, consolidate, and withdraw. AMCU is not a progressive party, and i fear there influence will put the development of South Africa on the back-burner for many years to come. At least Scargill had the wit and intellectual capacity, to at least keep the mines (and the associated communities) viable and alive.

[keith95] 09/6/2014 18:06

Very sad indeed. For me, the leader of the SA miner's reminds me of Scargill ...

... whose 'loyalty' is summarized nicely here ...

[outfly] 09/6/2014 17:04

Looks like a drop again now for the next few weeks. :-(

The Board of Lonmin Plc ("Lonmin") note the announcement made today by platinum producers Anglo American Platinum Limited (Amplats), Impala Platinum Holdings Limited (Implats) and Lonmin that the talks facilitated by the Minister of Mineral Resources have unfortunately been dissolved without an outcome. An Inter-Governmental Technical Task Team, with representatives from the departments of Mineral Resources, Labour and National Treasury was set up by the Minister on 28 May 2014, in an effort to resolve the platinum wage strike, now in its 21st week.

The companies thanked the Minister of Mineral Resources, Advocate Ngoako Ramathlodi, and Deputy Minister, Mr Godfrey Oliphant, and members of the Inter-Governmental Technical Task Team for their initiatives and efforts.

During this process the producers have sought to arrive at a fair and sustainable settlement that would preserve the future of the platinum industry and limit job losses in the country. While the producers remain committed to a negotiated settlement, they will now review further options available to them.

To date, the producers have forfeited earnings of R21.7 billion, while employees have forfeited wages of around R9.6 billion.

On its own behalf, Lonmin would like to express its sincere thanks to the Minister of Mineral Resources for the initiative and the Inter-Governmental Technical Team for the hard work they contributed. Lonmin has throughout attempted to preserve jobs and to prevent a continuation of a situation in which irresponsibility threatens the employment and prosperity of its workforce.

ENQUIRIES

Investors / Analysts:

Lonmin

[witheco] 09/6/2014 15:50

15:46 purchase? Inside info. Does that mean agreement done.

[witheco] 09/6/2014 15:16

Last chance saloon.

[outfly] 05/6/2014 08:50

Not looking good.

[witheco] 04/6/2014 07:26

he more than four-month-long platinum strike emerged last night, with a source close to the cabinet's inter-ministerial task team saying Amcu had agreed to the government's proposal.The source close to the government's inter-ministerial intervention in the protracted strike said the Association of Mineworkers and Construction Union (Amcu) had agreed that the proposal would be tabled with platinum producers this morning.