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Lonmin reduces H1 loss, advances business plan delivery

Mon, 16th May 2016 12:58

(ShareCast News) - South African miner Lonmin has flagged significant progress in the delivery of its business plan as it posted a much-reduced H1 pretax loss of $21m, from a loss of $118m.The metals digger mined a total of 5.1m tonnes in the six months to 31 March, of which 76.6% was from core Generation 2 shafts. Generation 1 shafts production of 1.2m tonnes, down 27.7%, and in line with the company's promise to cut high-cost production in an oversupplied market."These results reflect the positive momentum in Lonmin, we have delivered on our promise to restructure and cut high-cost production in this oversupplied market while simultaneously reducing costs and improving cash flows," said CEO Ben Magara in a statement."Quarter on quarter, Lonmin has reduced unit costs to R10,390 per PGM ounce and improved the net cash to $114m, thus delivering on our promise at the time of the Rights Issue to be cash positive after capital in this subdued PGM pricing environment."There is still a lot of hard work ahead as we squeeze out more costs and drive operational improvements and our key risks remain safety and its related stoppages and relationships. Lonmin has long life, shallow mining assets and unrivalled processing expertise and an invaluable mine to market business," Megara said.Refined platinum production totalled 348,885 oz in the half, up 33.0% or 86,582 oz on the year. Processing throughput in the comparative period was hurt by smelter stoppages in December 2014.Platinum sales of 361,882 oz were up 95,942 oz or 36.1% on the year-ago same period when processing throughput was constrained.Shore Capital mining analyst Yuen Low said Lonmin's FY sales guidance appeared achievable, noting the company had reiterated its FY sales guidance."Capex guidance was reduced further, to USD105m, from USD132m. The sales guidance appears do-able, assuming no production hiccups, but there is clearly still some work to do on cost,(which is essentially a case of running to keep still," Low said in a statement."All in all, the good ship Lonmin is showing signs of gradually being turned around, but it will be heavily dependent on having favourable PGM price and FX winds in its sails in order to go anywhere fast."

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31 May 2018 12:49

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Sibanye-Stillwater Submits Competition Authority Filing For Lonmin Bid

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13 Mar 2018 16:42

Lonmin Non-Executive Director Len Konar To Retire From Board

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27 Jan 2017 14:09

Friday broker round-up

(ShareCast News) - Diageo: Berenberg reiterates buy with a target price of 2430p. Royal Dutch Shell A: HSBC reiterates buy, 2600p target. Vodafone: Deutsche Bank reiterates buy with a 285p target. Anglo American: UBS reiterates neutral with a 1250p target. Easyjet: Deutsche Bank reiterates hold w

26 Jan 2017 12:49

Lonmin reports lower output as protesters demand compensation

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19 Jan 2017 16:18

UK Shareholder Meetings Calendar - Next 7 Days

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South Africa's Zuma studying report on suspended police commissioner

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BROKER RATINGS SUMMARY: Deutsche Bank Cuts Centrica To Sell From Hold

12 Dec 2016 16:00

Lonmin promises housing plan after S. Africa's Zuma threatens to revoke permit

* Zuma says Lonmin must file compliant plan or risk losing permit * Warning puts pressure on Lonmin to spend on workers' housing By Tiisetso Motsoeneng JOHANNESBURG, Dec 12 (Reuters) - South Africa-focused platinum miner Lonmin is confident of submitting a plan to build workers'

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