24 Mar 2016 09:32
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Don't have an account? Click here to register.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."
More News
3 Mar 2016 10:44
BUZZ-Lonmin: jumps 15% on clarity over restructuring
** Platinum miner Lonmin's shares up 15 pct after saying it cut 5,108 jobs after its restructuring ** S.African union had said on Wednesday that only 75 jobs would be lost at co ** Co top FTSE small cap gainer ; more than half of its 30-day avg vols gone through by 1015 GMT ** S
Read more3 Mar 2016 10:34
UPDATE 1-Lonmin says over 5,000 workers leave after restructuring
* Share price shoots up 17 pct, looks overbought at such levels * Lonmin says over 5,000 now cut from headcount, most voluntary (Adds details, spokeswoman) JOHANNESBURG, March 3 (Reuters) - South African-focused platinum producer Lonmin said on Thursday it had trimmed its workforce
Read more3 Mar 2016 10:03
Lonmin says over 5,000 workers leave after restructuring
JOHANNESBURG, March 3 (Reuters) - South African-focused platinum producer Lonmin said on Thursday it had trimmed its workforce by over 5,000 in a restructuring triggered by depressed prices. There has been some confusion over the process after the Association of Mineworkers and Constructio
Read more2 Mar 2016 10:15
RPT-South Africa's AMCU union says fewer jobs to be lost at Lonmin after negotiations
(Repeats to more subscribers with no change to text) JOHANNESBURG, March 2 (Reuters) - South Africa's Association of Mineworkers and Construction Union (AMCU) said on Wednesday fewer jobs would be lost at platinum producer Lonmin following talks with the company. The union did not i
Read more2 Mar 2016 09:55
South Africa's AMCU union says fewer jobs to be lost at Lonmin after negotiations
JOHANNESBURG, March 2 (Reuters) - South Africa's Association of Mineworkers and Construction Union (AMCU) said on Wednesday fewer jobs would be lost at platinum producer Lonmin following talks with the company. The union did not immediately give a figure of workers fired by the firm which
Read more15 Feb 2016 14:54
Job cuts to escalate in South African mines as global economy slows
* Political, union pressure on companies to halt job losses * Ruling party worried job cuts could affect local elections * Weaker rand offers some support to mining firms By Zandi Shabalala CAPE TOWN, Feb 15 (Reuters) - Job losses in South Africa's mining sector are likely
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Lonmin CEO says will not shy away from merger or takeover
By Olivia Kumwenda-Mtambo CAPE TOWN, Feb 9 (Reuters) - Lonmin will not "shy away" from a merger or takeover but for now the company was focused on its plan to survive tough market conditions, its chief executive said on Tuesday. "We are continuously looking at options to maximise valu
Read more9 Feb 2016 10:51
South Africa plans fuel cell plant to boost platinum demand
* Platinum price has tumbled, firms struggling * Govt supporting fuel cell plant to increase demand * Plant likely by 2018 - Isondo Precious Metals CEO By Wendell Roelf CAPE TOWN, Feb 9 (Reuters) - South Africa plans to set up a fuel cell component plant by 2018, the lates
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