Lonmin is the third largest primary producer of Platinum in the world, producing over 900,000 ounces of Platinum and a similar number of ounces of the other Platinum group metals such as Palladium and Rhodium. Its operations are located in the district of Marikana, near Rustenberg, in the North West Province of South Africa.

            Red = 25 day moving average.           Green = 200 day moving average.

SALES PER ACTIVITY (Data as of 30/09/2005)

Platinum extraction: 100%

Record figures out tomorrow and recent low price in very strong metals market means this is the one to be on today.

Independent.

The week ahead.     By Andrew Dewson.     Published: 02 May 2006

A strong first half from mining group Lonmin could see the company promoted to the FTSE 100 in June. The world's third-largest platinum miner has a market capitalisation of 3.8bn, more than 1bn more than Daily Mail & General Trust, the current favourite for demotion. Despite some relative weakness in metal prices last week the market will still be expecting bumper first half profits, with consensus forecasts of $284m in underlying pre-tax profits.

imho the share price will go over 2900 after tomorrows results.

LONDON (Reuters) - South African miner Lonmin (LMI.L: Quote, Profile, Research) posted a doubling of first-half profit on Thursday, helped by soaring platinum prices, and said it was on track to grow platinum production to 1.3 million ounces in 2010.

Lonmin, which published first-half production data on April 25, said in a statement it made a pretax profit of $288 million (157 million pounds) before special items in the six months to end-March. The interim dividend was raised 50 percent to 45.0 cents.

UBS has just issued a buy rating for Lonmin with a 35 target.

Mining Weekly.

Lonmin half-year profit doubles, confirms platinum target.

LONMINSouth African miner Lonmin posted a doubling of first-half profit on Thursday, helped by soaring platinum prices, and said it was on track to increase production to 1,3-million ounces in 2010.

The price of platinum has risen by a third to $1 175 per ounce over the past year.

"Crucially, this price momentum is underpinned by strong demand, particularly from the autocatalyst sector," chief executive Brad Mills told reporters.

"Reflecting our confidence in the outlook ... we have today declared an interim dividend of 45 cents per share, an increase of 50%," he said.

Citigroup, which rates Lonmin shares a "Buy", with a 3 000 pence target, said in a broker note: "Importantly, Lonmin joined the 'cash returners' club (by) lifting the half-year dividend."

Lonmin, which published first-half production data on April 25, said in a statement it made a pretax profit of $288-million before special items in the six months to end-March.

Underlying earnings per share rose 152% to 110,3 cents, towards the top end of expectations.

Lonmin shares, which have tripled in value over the past 12 months as the price of platinum has risen and after a failed takeover approach, were 0,8% higher at 2 812 pence in early trading to value the business at 4 billion pounds.

On April 25, Lonmin said it had a record first half, with platinum production up 12% to 502 000 ounces, and still expected 1-million ounces of platinum production in the full year.

The London-listed company also said at the time an 11-day closure of a smelter in early April to fix a leak meant annual platinum sales would be around 970 000 ounces to 980 000 ounces. Mills said on Thursday the cost of that leak was not material.

First-half costs rose 0,5% "net of by product credits over the same period last year, despite a major furnace rebuild undertaken during the six months and the South African inflation rate running at some 4,5%," Lonmin said.

On February 24, Lonmin said it was no longer in talks about a possible takeover, having announced the approach a week earlier.

Barrick Gold Corp and Gold Fields - the world's first and fifth-biggest gold producers, respectively - had both made tentative approaches to Lonmin, sources close to the situation told Reuters.

Mills said the company had received no approaches since.

UBS said in a note: "We continue to like the fundamentals in the platinum industry, (the) restricted new supply driven by operating issues as well as the strong rand, and strong demand.

"Additionally, Lonmin has indicated it could be part of the ongoing consolidation in the mining sector."

June 2006 (Bloomberg) -- Shares of Lonmin Plc, the world's third-largest platinum producer, said it may buy back shares and forecast ``strong'' earnings growth through 2007.

Lonmin is ``very bullish'' on platinum prices over the next three to five years as demand growth of between 5 and 7 percent a year outstrips supply, Mills said in an interview from London today. Share buybacks and increased dividends are ``part of what we're thinking about,'' he added.

BHP Billiton, Anglo American Plc and Rio Tinto Group, the world's biggest mining companies, are returning billions of dollars to investors as metal prices soar. While Lonmin is benefiting from a 24 percent gain in the platinum price this year, it lacks the spending commitments of larger Johannesburg-based rivals Anglo Platinum Ltd. and Impala Platinum Holdings Ltd.

``That leaves share buy-backs or special dividends as an option,'' said Simon Hudson Peacock, who is part of a team that manages the equivalent of $5.1 billion at African Harvest Fund Managers in Cape Town. ``Those increase return on equity and make the share more attractive.''

Lonmin is considering how to ``return capital effectively to our shareholders,'' Mills said. Stripping out convertible bond costs, first-half profit more than doubled to $157 million.

Lonmin's market value more than doubled in the past year as platinum prices rose to record levels. On Feb. 17, Lonmin said it was in talks that may lead to a takeover, sending its shares soaring 25 percent. Seven days later, it said the discussions had been terminated.

Investors should buy Lonmin because it is a takeover target, Merrill Lynch & Co. said.

Lonmin operates three mines in South Africa, the largest producer of the metal and the home to the world's biggest platinum deposit, the Bushveld Complex.

``The fundamentals for platinum companies remain strong'' buoyed by a weaker rand that is lowering input costs and high prices, said Stephen Roelofse, who helps manage the equivalent of $37 billion at Sanlam Investment Management. ``Good demand from jewelers also provides a cushion.''

Demand growth for platinum used in catalytic converters for cars is being driven out of the U.S. and Europe, Mills said. Jewelry demand has also ``held up well,'' he added.

Joining FTSE 100

Lonmin has recently joined the U.K.'s benchmark FTSE 100 Index, which tracks the 100 largest stocks listed in London. Joining an index can boost a company's stock price because funds that mirror the benchmark buy shares of its members.

About 29 billion pounds ($54 billion) track the FTSE 100, according to Citigroup Inc. Stocks automatically join the FTSE 100 if they are among the 90 biggest in Britain by value when the quarterly review occurs. Lonmin's inclusion, as well as that of Vedanta Resources Plc, India's largest producer of copper and zinc, takes the number of mining companies in the index to eight.

If Xstata fails in todays bid for Falconbridge then Lonmin could well be the next target. (see two articles below).


--------------------------------

Nick Fletcher
Wednesday June 28, 2006
The Guardian

Mining group Xstrata lost 51p to 19.04 on talk it could embark on a big acquisition spree if it loses out in the complicated bid battle in Canada centred on Inco and Falconbridge. If Xstrata decides to walk away, it would cash in its stake in Falconbridge which is worth around $3.8bn. "Xstrata is now effectively holding a multi-billion dollar war chest and is bound to look to consolidate further investments," said analysts at Numis. "That at least puts other miners in the merger and acquisition spotlight." It picked Antofagasta, down 6p to 400p, and Lonmin, 56p lower at 26.90, as potential takeover targets.

---------------------------------------


Nick Hasell - The Times - June 29, 2006

Lonmin up as Xstrata dips on seesaw of takeover talk.


LONMIN and Xstrata traded in opposite directions amid speculation that the platinum miner could become a target for the Anglo-Swiss metals group if its bid for Falconbridge fails.

The 3.8 billion offshoot of the late Tiny Rowlands Lonrho is no stranger to predatory interest, having received and rejected a bid from an unnamed rival in February.

Yet the longer-term fate of the company, which rejoined the FTSE 100 this month, has again become the subject of speculation after Mondays proposed $40 billion takeover of Inco and Falconbridge by Phelps Dodge, the Arizona-based copper miner.

Yesterdays interest in Lonmin stemmed from suggestions that TD Securities, Xstratas financial adviser in Canada, has urged the company to increase its bid for Falconbridge where it owns 20 per cent from the current C$52.50 a share in cash. Numis Securities believes that a recent fall in the implied prices of the rival paper-based bids on the table for Falconbridge might give Xstrata scope to raise its offer to above C$60. Alternatively, should Xstrata not succeed, the broker cites Lonmin as a potential consolation prize. Lonmin added 31p at 27.21, with Xstrata 26p cheaper at 18.78.

As you can deduce by clicking here and reading posting number 15  Xstrata could now bid for Lonmin.

imho this is the value play amongst the miners at the moment.

With much promise of a takeover and a comparatively low share price I agree with you on this one. Lonmin looks a good buy amongst the miners.

Lonmin goes ex-div tomorrow so anyone holding shares will get dividend payment. If you sell the shares on Thursday you will still recieve the dividend.

Lonmin PLC
05 September 2006


THIS ANNOUNCEMENT REPLACES THE LONMIN PLC SMELTER INCIDENT ANNOUNCEMENT RELEASED TODAY AT 10.25am UNDER RNS NUMBER 4927I. THE ANNOUNCEMENT HEADLINE SHOULD HAVE READ FIRE AT PRECIOUS METALS REFINERY AND NOT SMELTER INCIDENT AS PREVIOUSLY STATED. ALL DETAILS IN THE ANNOUNCEMENT REMAIN UNCHANGED.



Lonmin announces that there has been a minor fire in its Precious Metals
Refinery which has now been fully extinguished. There were no injuries as a
result of this incident and no permanent environmental damage. The Refinery has
been shut down and we are currently assessing the time needed to recover to full
operations with initial estimates of downtime of between 5 and 7 days.


We are investigating the impact on full year sales which could result in the
deferring of up to 25,000 ounces of Platinum sales for 2006 into the first
quarter of the 2007 financial year. A further announcement will be made when the
detailed investigation is completed.

Business Report - September 28, 2006

Lonmin paints a bullish platinum picture - By Justin Brown


Johannesburg - The world's third-largest platinum producer, Lonmin, painted a bullish picture for the platinum metal market this week.

South Africa produces about three-quarters of the world's annual mined supply of platinum, which is mainly used in auto catalysts to reduce vehicle emissions and for jewellery.

Lonmin said that until 2010 the price of platinum was likely to be "healthy", while the outlook for beyond 2010 would be driven by Chinese growth and tighter emissions law.

In May, the spot price of platinum climbed to a record $1 337.50 an ounce. Yesterday afternoon platinum fixed at $1 140 (R8 736) an ounce, $13 higher than its fix at the same time on Tuesday.

A platinum price of $1 000 an ounce was required for a new 20-year-life mine to come into production, Lonmin said.

The key platinum metals - platinum, palladium, rhodium and iridium - were far less abundant than gold, Lonmin said. In history, 150 000 tons of gold had been mined, compared with 9 500 tons of platinum. "Platinum group metals are the rarest of all elements," it said.

The key driver of platinum was increasingly onerous emissions controls, especially in the US, Europe and Japan, Lonmin said. In particular, car makers manufacturing diesel vehicles were an area of demand for platinum. Demand from the diesel sector made up about 50 percent of platinum auto catalyst demand.

Global growth in platinum demand from the automotive sector grew 9 percent in 2004, with a 17 percent growth in the EU. Europe is an important area of global demand for platinum auto catalysts, as 50 percent of vehicles in Europe use diesel engines. In the US, only 4 percent of vehicles have diesel engines. However, Lonmin expected diesel engines to reach a 10 percent market share in the US in the future.


Record prices for platinum were reducing volumes of platinum jewellery sales, but not total US dollar spend, Lonmin said. At a result of the high prices, platinum jewellery was increasingly facing competition from palladium and white gold jewellery.

Other industrial uses for platinum are glass, electrical and automotive, turbine blade, biomedical, chemical and petroleum sectors.

In the glass sector, demand was for flat screen televisions, where platinum and rhodium is needed. This area was forecast to see 7 percent a year compound growth in demand.

During 2006, double-digit growth in platinum from the glass sector was likely to be boosted by demand flowing from the soccer World Cup and ahead of the 2008 Beijing Olympics.

In 2007, Lonmin is aiming to spend $20 million on exploration in Africa, especially South Africa, and Canada.

In South Africa, Lonmin owns the Marikana and Limpopo mines, and is looking to build the Pandora project near Rustenburg in the North West. A prefeasibility study started at the project at the beginning of February.

Mining Weekly - 21 October 2006

How platinum No 3 took No 1 spot in rights conversion race


The recent spate of prospecting and mining rights conversions from old- to new- order rights, including, in the last week, conversions for platinum producer Lonmin, diamond-miner De Beers and uranium exploration and development company sxr Uranium One, may have alleviated some of the concerns surrounding the conversions of minerals rights, but for others, contention still lingers.

Since the implementation of the Mineral and Petroleum Resources Development Act (MPRDA) in 2004, which placed custodianship of all mineral rights in the hands of the State rather than private mining companies, criticism has arisen over the apparent delays in processing conversion applications by the Department of Minerals and Energy (DME).

Chamber of Mines statistics indicate some 8 420 conversion applications were received between May 2004 and July 2006, of which 15% have been approved, 27% have been rejected and 55% are still pending.

However, when director-general Adv Sandile Nogxina told audiences at the Africa Down Under conference in Perth earlier this year that a new DME geographical-information-system-based cadastral system had been established to process licensing applications, he said that only 7% of applications had been delayed according to the latest assessment.

He also offered his assurance that the new system would lead to faster turn-around times for the processing of prospecting and mining applications and announced that mineral rights would be granted to mineral explorers within six months from the date of application, while mining rights would be granted within 12 months.

Nogxina attributed the 'teething problems' that had arisen with the implementation of the charter to the lack of a common interpretation of the law. He also said that during the first years of implementing the legislation, the DME requested that applicants supply information to supplement their applications, a process that would create the impression of delay.

He added that workshop-based assessments of the situation had shown congruence and a notable improvement in the quality of applications received.



Praise for Lonmin

At the recent announcement of Lonmin's conversions, the DME praised the company's conversion and Minister of Minerals and Energy Buyelwa Sonjica said that the company was a model to be followed, even by its larger rivals, Anglo Platinum and Impala Platinum.

The South African government had converted the old-order mining rights of Lonmin's Marikana operation to new-order mining rights, making Lonmin the first platinum producer to acquire the necessary conversions. The company's South African operating companies - Western Platinum and Eastern Platinum - are now entitled to mine the property in question for the next 30 years, giving Lonmin the right to apply for a renewal for another 30 years thereafter.

Sonjica said that Lonmin's rights conversions are proof that the new mining legislation is working, adding that the granting of mineral rights provides fertile ground for government to achieve its ambition to develop a competitive mining industry that benefits the people of South Africa.

But what lessons could Lonmin offer the rest of the industry? Two key lessons, it appears, are that as much attention has to be given by miners to the other pillars of the mining charter as to equity owner-ship, while the approach taken should be responsive rather than adversarial.

An example was Sonjica's praise of Lonmin's social and labour plans implemented, while Nogxina applauded the company's proactive approach in engaging with the department on its programmes.

The MPRDA has been pivotal in transforming South Africa's mining industry through the introduction of the broad-based socioeconomic empowerment charter. The charter outlines the creation of employment and the advancement of social and economic welfare through appropriate resource use. It also sets a framework to ensure that mining rights holders contribute towards the socioeconomic development of the areas in which they operate and targets a 26% ownership of mining companies by historically disadvantaged South Africans (HDSAs) by 2014.

Lonmin said that Western and Eastern Platinum had committed to certain undertakings within their social and labour plans and would be fully compliant with the South African Mining Charter within the agreed timeframes. CEO Brad Mills said that the company was committed to working with the DME to satisfy the undertakings made in its social and labour plan.

Sonjica expressed her satisfaction that the project Lonmin identified is in line with government's existing social development projects in the area of operation, one that is characterised by high levels of poverty and unemployment. She added that these were sustainable projects that would support communities and improve the individual's quality of life.

Mills expressed Lonmin's total commitment to transition in South Africa, and said that the company was committed to working with the DME to satisfy the under-takings made in its social and labour plan, achieving the company's objectives of trans-formation and empowerment.

The company's corporate social investment strategy has achieved distinction, particularly for its R700-million programme to eliminate hostel accommodation at its local mines and replace them with 6 000 employee-owned homes over the next five years.

South Africa's mining industry is infamous for its creation of single-sex hostels which house migrant workers from the rural areas. Particularly prevalent during the apartheid era, hostels are associated with social and health problems, including the spread of HIV/Aids and tuberculosis.

The plan was initiated following Mills's interrogation of the mineworker-housing situation over the past 18 months, during which he spent a night at one of the hostels himself.

He asserted that the current facilities have no place in a company with ambitions of being a modern, progressive enterprise and commented that the long-life orebodies in South Africa need a new approach to community relations and a strong emphasis on education.

He said that South Africa's mining paradigm needed to shift from the exploitation of low-cost, imported labour, to one with a stable and skilled workforce.

Lonmin engaged the services of the Desmond Tutu Peace Foundation over the past year in an effort to better understand employee and community needs. His efforts are now being translated into corporate social-investment programmes that focus on education, healthcare, leisure and housing.

In particular, Lonmin is committed to making a difference in education, a keystone of economic and social prosperity. Together with the Department of Education, the company plans to invest some R65-million over the next five years to improve education in and around Lonmin's mines in the North West and Limpopo provinces.

Sonjica urged South African platinum-miners to work hard to comply with the country's new legislation, citing Lonmin as an example. Now that Lonmin has done it, I hope the other local platinum majors will follow suit, she said.

Nogxina commented that Lonmin had fully met South Africa's legislative requirements and that the DME had met with other producers to ensure their compliance. The situation is simple: comply and you will convert, he asserted.



Other platinum producers criticized

The minister was less pleased with platinum giants Anglo Platinum and Impala platinum and expressed her disapproval at the slow progress that the two major local platinum-miners were making in complying with the country's new mining laws.

Both declined the opportunity to comment on Sonjica's statement, but Anglo Platinum's Simon Tebele says that the company understands what is expected of it in order to acquire new rights and has submitted its applications to the DME. He admits, however, that certain clarity issues over details in the legislation had arisen.

Anglo Platinum has had several disputes with the DME over the interpretation of the MPRDA and is currently pursuing legal recourse against the department in an attempt to seek clarity on certain rights issues. The platinum giant resorted to legal action over the DME's refusal to grant four prospecting rights to the company.

Anglo Platinum's head of legal services, Leon Bekker, says, We've gone to great trouble to under-stand what the law requires and the applications we have filed for conversions comply with these.

From a legal perspective there's no question about the security of tenure in respect of our existing mining operations. The DME acknowledges in many public forums that they don't have the discretion to refuse these conversions. Bekker says that the DME has a vision of what it wants to see in terms of black economic empowerment in the platinum industry and is looking for ways that companies such as Anglo Platinum can help to achieve this. We're trying to see what they want and whether we can accommodate it, he comments.

Bekker points out that, unlike other mining companies that have created a lot of new BEE share-holders by transferring the 26%stipulated by the mining charter by way of equity, Anglo Platinum does not think that this will really achieve the empowerment objectives of the MPRDA. He says that the Act wants to see the active involvement of BEE partners in the mining operations rather than passive dividend receivers. Unfortunately, that makes the empowerment process more complicated, he says.

The definition of what empowerment is has been bedevilled by the MPRDA and the charter, which are not talking to each other, he asserts, explaining that the definitions of what constitutes a previously disadvantaged person (PDP) or an HDSA differs. While the HDSA percentage requirements in the charter are readily achievable, Bekker emphasises that it is relatively easy to clothe a company with HDSA status while a meaningful and substantial portion of the benefits from that company may very well not end up with individuals who are PDPs as required under the MPRDA. The charter requires that 26% of mining assets are sold to BEE stakeholders and, rather than selling shares, Anglo Platinum has sold and is selling its rights to minerals in projects and also interests in the rights to minerals and assets of operating mines.

Bekker says that, regardless of the structure, Anglo Platinum contracts ensure that both the BEE objectives of the MPRDA and the 26% charter requirement are complied with so that a meaningful and substantial interest in the mining assets and the benefit there from end up with HDPs. I think this has made us different from other companies, he posits.

Achieving BEE requirements is more of a how than a what question, quips Bekker.

The DME's refusal of four of Anglo Platinum's new prospecting rights applications is mainly based on the company's lack of compliance to carry out the requested BEE participation in the proposed prospecting projects for which the applications were made. However, Bekker points out that, in the case of prospecting rights, the BEE request is just that, a request, and not a compulsory requirement.

He adds that the refusal has no effect on the company's conversion applications. The problem with the refusal by the DME is that it hampers our ability to plan properly and to optimally exploit the resources that we have, with respect to other operations.

Certainty comes with time. Maybe, as the DG has said with respect to the litigation, the positive implication of the pending litigation is that the courts should clear up what the legal position is and then we will all know, says Bekker.



Rights granted

Not all mining companies are frustrated with the department on the conversions front, however.

Gold producer AngloGold Ashanti, like Harmony, has been awarded its new-order mining rights.

AngloGold Ashanti public affairs manager Alan Fine tells Mining Weekly that the company recognises the conversions process for what it was - a new area of activity.

In this respect, he says that it has been a learning curve for AngloGold Ashanti and the DME, which had been in consultation over conversions since 2003 and continue to engage with each other.

Following a redraft of its social and labour plans, AngloGold Ashanti received its new-order mining rights in August last year, within one year of submission, in July 2004. In two areas, the requisite notarial agreements have been finalised in the first and will be finalised in the other shortly. We are committed to the targets and are comfortable with the spirit of the mining charter, asserts Fine, adding that the company never took a legalistic approach to the charter, but approached rights conversions in the spirit and attitude of a process of transformation.

He acknowledges that the process has taken longer than the DME envisaged and that the new legislation is not always explained in an investor-friendly way, but asserts that the department did not require anything that was impossible to give and did not make sense in terms of good management practice.



Legal issues

Webber Wentzel Bowens partner Manus Booysen points out that the new legislation is characterised by certain shortfalls and a lack of clarity.

He says that the new mining law regime is a quantum leap from the previous one, which was a regulatory process and licensing process related to private property law. While the role of the State was originally limited to regulating the exercise of prospecting or mining rights, the State now grants and regulates rights to mines, which are under the jurisdiction of the DME.

He points out that the department places a strong emphasis on BEE, which may be beyond what the Act requires in some cases.

While mining rights conversion applications require a statement and description of how the stakeholder will give effect to the BEE component of the mining charter, no BEE transaction is required for the conversion of prospecting rights.

This makes sense, since exploration activities are expensive and small new businesses can seldom risk funds on exploration.

In practice, however, Booysen says that the DME sometimes requires detailed binding agreements for conversion of mining rights and is not always prepared to grant conversions on the basis of memoranda of understanding or other agreements.

He says that the DME sometimes takes a negative view of dilution provisions in agreements and lock-in periods. Although it is common for shareholder agreements to stipulate that the BEE shareholder must retain shares for a minimum period . . .the DME says that BEE companies must be allowed to realise the value that they've achieved from the transaction. Booysen points out that this can make it difficult for mining companies that must remain BEE-compliant in terms of the MPRDA, since the company is not protected in the event that the BEE partner decides to sell. At this point, the company would then have to sell a further 26% in order to remain compliant.

He cautions that although every-one in South Africa and in the mining industry understands that BEE is essential to build the new South Africa, to take the requirements too far will ultimately become counter-productive. It becomes almost impossible to structure transactions that are acceptable to the DME and it delays the whole process, comments Booysen.

He concludes that, in light of the current commodity boom, it would be in the interests of the economy and the country, if the granting of new-order rights could be expedited.

Big fall last week this is in danger of dropping to 250p

Chart looks better now.

The bounce is back on..!

If it manages to break 1200p its all the way to 1400p.

any views on how far this will drop? all the way to 9???

Maybe the price of platinum will rise,due to the economy of India...(Hopefully).

StockMarketWire.com
Platinum producer Lonmin's third quarter production was hit by two fatalities in April and illegal industrial action at the Karee operations in May.

Lonmin says it has made good progress in restoring production and expects to be back to normal operating levels by August.

It adds: "Considerable progress has been made with the safety initiatives.

"We continue to intensify our focus on these initiatives and our LTIFR (lost time injury frequency rate) has fallen during the quarter from 5.4 at the half year to 5.1 as at 30 June 2011."

Overall, tonnes mined of 2.5 million for the quarter, reflected a decrease of 168,000 tonnes, equivalent to a 6.2% reduction against the prior year.

But it says that year-to-date, underground tonnage mined and milled is up on the comparable prior year period and its metals in concentrate has also increased.

Ex-divi wed 11th Jan 2012 (15¢)

South African police shoot dead striking miners

MARIKANA, South Africa | Thu Aug 16, 2012 11:56pm BST

(Reuters) - South African police opened fire on striking miners armed with machetes and sticks at Lonmin's Marikana platinum mine on Thursday, killing at least a dozen men in scenes that evoked comparisons with apartheid-era brutality.

In the incident, filmed by Reuters television, officers opened up with automatic weapons on a group of men who emerged from behind a vehicle and started loping towards police lines.

This is disgraceful and very uncaring of Lonmin, showing no sympathy for the dead... the workers should just quit as the company show no respect.



Lonmin tells striking South African workers to return to work or risk losing their jobs


FTSE 100 miner Lonmin has ordered employees at the South African mine where 34 workers were shot dead to return to work or risk losing their jobs.

Lonmin said that the ultimatum is a “last opportunity to return to work” for the 3,000 employees who took part in strikes that led to some of the worst violence seen in South Africa since apartheid.

A total of 44 people have died due to the violence at the Marikana mine, with 34 shot by police.

The violence stemmed from a rivalry between the militant Association of Mineworkers and Construction Union and the National Union of Mineworkers, which has ties to the ruling African National Congress.

Workers said the order from the company is an “insult”.

The chart clearly shows the company is in trouble even before this massacre of its workers. SELL.

Quarter of Lonmin mine strikers return to work following massacre


A quarter of the workforce have returned to the Marikana platinum mine in South Africa where 44 men were killed last week.

Mine-owner Lonmin threatened about 3,000 striking workers with dismissal if they did not show up at Marikana, 100km northwest of Johannesburg.

The mayhem was sparked by a spreading battle for membership between the NUM and the Association of Mineworkers and Construction Union, which has accused its rival of caring more about politics and personal enrichment than workers.

Investigators appointed by President Jacob Zuma, who has declared a week of mourning, are expected at the mine.

Lonmin, the world's third-largest platinum producer, said in a statement that, with unions, it would address a news conference this afternoon "in a bid to attract people back to work.

It said 27.3% at the Marikana mine, which employs 28,000 people, had returned to work.

Does the management of Lonmin think they can treat people like slaves?

Think again.

Lonmin will collapse if they do not appease the miners.

£6 has been support before.

In answer to hlyeo's post #30, it's not a simple as it seems and it looks like there are a number of vested interests distorting the picture to make it look like a simple management/worker dispute.
Reuters "Some workers belong to the Association of Mineworkers and Construction Union (AMCU), whose bloody turf war for members with the dominant National Union of Mineworkers (NUM) was the backdrop to Thursday's killing of 34 striking platinum miners by police at the Marikana mine.

When Aquarius, the world's 4th largest producer of the precious metal, closed production at Everest, it cited worsening industrial relations stemming from the AMCU/NUM battle which has turned workers into warriors across the platinum sector.

The country's ruling African National Congress is in a governing alliance with the NUM-affiliated national union confederation COSATU, and a perception has filtered down the shafts that the rank and file are not getting a fair deal because NUM is in bed with companies and the ANC.

This has been a common refrain among several AMCU workers Reuters has interviewed in recent weeks, from Lydenburg to the main platinum belt where police on Thursday opened fire on striking workers employed by Lonmin at its Marikana operations northwest of Johannesburg.

"The NUM, they have shares in the companies," said Fannie Bhengu, an AMCU branch chairman in Lydenburg.

Past NUM leaders who are ANC heavyweights include Cyril Ramaphosa, a business tycoon who sits on Lonmin's board. In his labour days, he led a strike 25 years ago that saw 11 mineworkers gunned down by police.

The NUM denied it had shares in mining companies, or that it had too cosy a relationship with the management of those companies.

AMCU and other upstart unions have however been drilling into a growing seam of discontent and poaching NUM members or picking up the unorganised at Lonmin, Aquarius and at the world's largest platinum mine run by Impala Platinum, which shut for 6 weeks early this year amid labour blood-letting.

The groundswell of revolt against the NUM is tapping into the same popular anger with poor government delivery of services that is confronting the ANC, marked by frequent riots in poor townships and squatter camps."

Poor and angry workers living in squatter conditions certainly have nothing to lose. That is the cause of the revolt as big companies have ignore the welfare of the society. They don't care because more riots and strikes would spell disaster for Lonmin.

Lonmin says sacking striking miners could lead to more violence

(Reuters) - Lonmin, the world's third-largest platinum producer, on Tuesday conceded that sacking 3,000 striking workers at its Marikana mine near Johannesburg, South Africa, could lead to more violence.

Profit will be severely affected this year at Lonmin....


Fewer than 7 percent of Lonmin's 28,000-strong South African workforce reported for duty on Thursday as the platinum producer held talks with warring unions, attempting to cool tensions and bring people back to work.

The world's third-largest platinum producer has been forced to shut its mining operations for almost three weeks because of a violent turf war between the established National Union of Mineworkers (NUM) and militant Association of Mineworkers and Construction Union (AMCU), which led to the deaths of 44 people this month.

That total includes 34 striking workers killed in a hail of police bullets, an event that has stiffened the resolve of surviving comrades to hold out until their demands are met.

"We have a 6.6 percent average attendance across all shafts this morning," Lonmin said in a statement.

Lonmin said only eight percent of its 28,000 workers reported for duty on Tuesday.

"We have an eight percent average attendance across all shafts this morning.The workers have vowed not to return to their jobs unless their R12,500 salary demand is met. "We will betray our comrades who died fighting for this R12,500 if we accept anything less than it," said one worker, Abram Pitso.

540p now... keep on shorting.

Lonmin, unions sign South Africa mine peace deal

JOHANNESBURG | Thu Sep 6, 2012 8:30am BST

(Reuters) - Lonmin and unions representing mineworkers at the strike-hit Marikana platinum mine in South Africa have signed an accord for a return to work, but a militant breakaway union was not part of the deal, union officials said on Thursday.

The fact that the militant Association of Mineworkers and Construction Union (AMCU) had not signed last night's accord left questions about how many striking miners at Marikana would in fact heed the agreement and go back to work.

On Wednesday, more than 3,000 striking miners marched through streets near the mine, the largest protest at the hot spot since police shot dead 34 of their colleagues last month.

Covenants are most likely to be breached on 30/9/2012/

This is a sell at 580p.

There will be a slide next week.

535p now.

486p now

Lonmin had created a beast that it later found impossible to tame - its own miners for whom the company has neglected through the years.
Killing them is not an option obviously.

Q4 2012 Production Report & Future Strategy Update

Highlights:

· Employees returned to work, ramp up to full production going better than expected. First Platinum ounces to be produced on 31 October

· Platinum metal in concentrate for the fourth quarter down 45.7% (vs Q4 2011) due to illegal strike action in August and September
o Strike impact of around 110,000 ounces of mined Platinum
o Refined Platinum production only down 20.8% as ounces extracted from stock pipeline

· Full year 2012 sales of over 700,000 ounces of Platinum. Immediately available ore reserves of 18 months, improved grades and recoveries and further improvement in safety statistics underlines quality of operational performance

· 30 September 2012 covenants to be formally tested in early November and on balance of probabilities covenants are not expected to be breached at that test date

· Debt levels will rise significantly over the coming months to fund the production ramp up and stock pipeline rebuild - may breach covenants at 31 March 2013 absent additional equity and amendments to existing bank facilities

· A proposed Rights Issue of approximately US$800 million (gross) planned to reduce indebtedness and increase financial strength

· Proposed Rights Issue underpinned by a signed Standby Underwriting Agreement. More details of proposed Rights Issue to follow in due course

· Amended US Dollar and Rand bank facilities already signed removing EBITDA covenants and reducing quantum of US Dollar facilities

o Resolves covenant issues

Strike-hit South African miner Lonmin [JSE:LON] said it planned to raise $800m in a rights issue and had signed amendments to its debt facilities to help it avoid a possible covenant breach next year.

Lonmin, the world’s third-largest platinum miner, which has one of the most pressured balance sheets in the sector, had warned that it may need to issue new shares to help shore up its finances after a deadly strike hit output.

The company said that the proposed rights issue was underpinned by a standby underwriting agreement and that it had also amended a deal with its lenders to remove earnings-related covenants.

Analysts had raised concerns that the company could breach such covenants at the latest test but Lonmin said on Tuesday that it did not expect to do so, although it warned had it not taken action there was a danger over the March test.

“With the standby underwriting and amended debt facilities signed we have taken two decisive steps on our way to delivering that and we are confident about our financial security,” chaiperson Roger Phillimore said in a statement.

Lonmin’s Johannesburg-listed shares were down 1.8% at 07:39 GMT, paring earlier gains of as much as 4%.

The company said that production slumped 45.7% in the three months to September 30. It had already warned that it would miss its 2012 output target after a strike left 44 dead in August.

South African mines have been hit by months of labour unrest which have threatened growth in Africa’s biggest economy and drawn criticism of President Jacob Zuma for his handling of the most damaging strikes since the end of apartheid in 1994.

Lonmin’s miners have since returned to work and the company said that the ramp up in production was going better than expected.

Lonmin shares fell more than 5% in early trade following news of the rights issue.

up 36p over all, bought a few.,.

463p now... still a sell.

chart let me down this time :(

Final Results

HIGHLIGHTS

• Commendable operational performance in light of circumstances

o The tragic events at Marikana significantly impacted operational and financial results
§ Impact of 110,000 ounces of mined Platinum
o Saleable metal in concentrate down 5.5% to 679,821 Platinum ounces
o Platinum sales of 701,831 ounces - down 2.6% on 2011
o Improved safety performance - LTIFR of 4.16 per million man hours worked vs. 4.71 in FY2011
o Immediately available ore reserves at 3.3 million centares, up 14% - healthy levels aligned to creating operational flexibility to respond to market conditions
o Further improvements in grades and concentrator recoveries
o Number Two Furnace commissioned on schedule in July 2012 and Number One Furnace successfully modified and operating well

• Financial results

o Underlying profit before tax $57 million
o Special costs of $755 million, including $159 million for costs related to illegal work stoppage and impairment of Akanani exploration asset at $602 million
o Resulting loss before tax of $698 million

• Balance Sheet restructuring

o Underwritten Rights Issue to raise c. $817 million announced separately today
o Amended banking facilities - strengthening financial position

• Focus areas FY2013 onwards

o FY2013 guidance of 680,000 Platinum ounces of saleable metals in concentrate, and sales of 660,000 ounces
o Targeting Platinum sales in excess of 750,000 ounces in FY2014 and FY2015
o Unit costs to increase by around 10% to ZAR9,350 per PGM ounce produced in FY2013
o Capital expenditure of $175 million for 2013 financial year
o Attractive long-term fundamentals for PGM markets remain, despite short-term volatility

Roger Phillimore, Chairman, said: "The publication of today's results closes a painful chapter in Lonmin's history. There are many lessons to be learnt and these will inform our actions in the future. However we are now looking ahead with renewed confidence. We have secured our financial position and we have a clear strategic plan that management and workers alike need to deliver on for the sake of all our stakeholders."

.

Glad I hold these.......not!! bit of a drop is under statement.,.

.

Removed: just seen notification on halifax and rights issue detail, offer at £1.40.,.

.

only way is up........ i hope, if they can keep the work force working might be a fighting chance of profit but will take time.

Looks like lonmin climbing steady, good profit at mo and holding.,.

good strong start again.

up 3% so far £5 by xmas .,.

up again 2% this morning, we're on a roll.,.

Is it a cheese roll?

nah, bad for my cholesterol, just had a chelsea bun and coffee though :))

4% cracked now...... gibby yyyyyyeeeeeeeehhhhhhhhhaaaaaaa needed.,.

4% only worth a yeh lol thats more of a 40% rise

i'm happy, thats what counts. ;)) 4% a day keeps the bailiff at bay!!

Touching the 50 day MA -

Not in this one. Couldn't help noticing that for the last two years whenever the sp touches or just goes over 50DMA it drops. Difference this time, bit of a gap to fill so will be interesting to watch. Good luck to all holders.

A +4% start will do me.,.

CC - I see what your saying. If it holds above it this time what's your view point from chart prospective

Never traded it or done any research on it N, maybe DC, skinny or Baler could give you some insight on the fundamentals? At mo certainly a trading opp to close the gap to at least 400 (or not) and if that happens will either tank to continue down trend, or be a great recovery play. Stating the obvious I know, but pays your money takes your chance :O)

Edit - Either Sept/Oct 2011 (maybe skinny could highlight it,i don't know how) was the last time there was a gap which was filled, but then carried on downtrend.

Nice fish skinny :O) Any chance of same chart (candle) to illustrate my witterings?

Ta skinny :O)

why a further down trend when all strike action finished and back in full production??

Knitting fog, Baler did I say it would continue with a further downtrend?

point taken CC, wasn't digging...... or knitting lol. If over the next 12month that chart can reverse........ I will be a very happy bunny.,.

I charge for this




After a truly dreadful five years for the sp, could this company become a hot commodity again. There are talks the sp could double. The company hit a low of 241
in early Nov, a price less than a quarter of its early 2010 peak. The share has now bounced through 294p a decisive struggle between bulls and bears being the key territory a week ago. If this critical support holds this time (had the 294 support in 1999) it will surely encourage technical traders to pick up the stock once more.
An increase in trading volumes suggests a good two-way battle , but the bulls may well hold the edge. Long term support at £3.70 then a possible surge to £5.58.

AYDYOR

No bother Baler :O)

Going to head North (see post 80, AUDYOR)

cheers DC, buy you a steak when it hits £10.,.

I have not gone as far as £10 lol, if it gets that far it must be worth a starter, steak and chips (fillet by the way) a sweet and a couple of beers. lol and thats cheap for the sort of advice to make your fortune. :-))

Not knowing much about platinum prices, it looks like the current price is good compared to the past Bb.

snap!!

So no one got the 'fish on the hook' in post 73?

It escaped :))

LOL.

I see hooked and upwards. Whats for heading South. lol

There you are Bb fish on the the hook advice, my advice (lol) your going to be worth a fortune.

Just trying to keep up with you DC..... lol

Amplats, majority owned by Anglo American, is to shed 14,000 jobs in South Africa, mothball two mines and put another up for sale.

Two mines in Rustenburg - Khuselka and Khomanani - would be put on long term care and maintenance, while the Union mine would be sold. The company said the plans were vital to save the company.

The decision to cut back follows a drop in the price of platinum and soaring costs. But it could provoke another series of strikes following violent protests last year, even though the company said it hoped to create as many jobs in the area as those lost under the restructuring.

Anglo American, which owns 80% of Amplats, recently announced Mark Cutifani would take over as its chief executive from Cynthia Carroll in April.

Investors seemed to welcome the news, with Anglo American's shares currently 10.5p better at £20.47.

Johnson Matthey - which refines and recycles platinum group metals - added 55p to £22.98 as it said it would consider the implications of Amplats' plans on its relationship with the company. Credit Suisse said:

We calculate a total 15% cut on Amplats production (400koz) will hit [Johnson Matthey] by around £2m due to lower marketing commissions. We believe the net effect on refining will be neutral with less mined volumes (14% inputs) but more recycled product (75% inputs).

But [this will be] offset by positive pricing impacts: A 10% increase in the basket of precious metals has a £8m or so benefit on earnings before interest and tax.

The news has lifted other platinum producers, with Lonmin up 15.9p at 348.5p and Aquarius Platinum adding 7p to 72p.

My 4% gain yesterday gone, taking a rest before the next leg up........i hope.,.

That will be the barb on the hook!

having sold 50% whilst sp was resting and not taking advantage (greedy) of the drop to 316/15p have had to buy back a bit smartish this am with great rns issued.,.

heading for 10% rise this am.,.

don't you just love it when a plan comes together....352p yyyyyeeeeeesssssss!

14% up today..... yyyyyeeeeeehhhhaaaa

Well done, Bb.

next stop £5.,. oh happy days :))

on a bit of a run again.,.

Seems to be holding above the 50 MA as previously noted by Chris Carson for the last two years whenever the sp touched or just went over 50MA it had dropped back. Could this be the start of SP recovery ?

SP Could pick up from here on in
89 SMA now broached [fib prime]
dyor

taking a bit of a rest till the next step up.....£4.,.

On the move again with good production and smelter working overtime. Very happy holding this one.

Lonmin produced total platinum metal in concentrate of 198,428 ounces in the fourth quarter to the end of September - an improvement of 6.4% from the previous three months.

Platinum sales were 288,280 ounces driven by good smelter performance in the quarter after the Number Two furnace forced shut down in Q3.

For the 2013 financial year, the company said it achieved 750,942 ounces of platinum metal in concentrate, the highest amount since 2007.

The company said: "We maintained the overall operational momentum built since the labour disruptions and achieved an impressive performance in the fourth quarter with 3.2 million attributable tonnes being mined reflecting an improvement of 9.5% against Q3 2013.

"This represents an increase of 1.5 million tonnes or 94.0% on the prior year period when production was affected by the labour unrest and Events at Marikana.

"Total tonnes lost in Q4 due to Section 54 safety stoppages, management induced safety stoppages (MISS) and industrial relations issues were 69,000 tonnes less than Q3.

"Momentum was interrupted in August following the fatality at Saffy shaft and the associated safety stoppage but the operations recovered resulting in the exceptional performance."

At 8:01am: (LON:LMI) Lonmin PLC share price was +9.25p at 337.35p

Looks like the workers are revolting........again, put limit order to reduce 50% just in case.,.

typical!! limit triggered at 318.65 and here it is at 325p..... never mind still well in profit with what I have left.,.

StockMarketWire.com
Lonmin has announced that it has successfully achieved completion of the return to full production earlier than forecast.

Tonnes mined in both August and September 2014 exceeded production reported for the comparable months in 2013 which were 1.0 million tonnes in August 2013 and 1.04 million tonnes in September 2013.

From August onwards, Lonmin has achieved steady-state production at normal levels.

The company's successful ramp up has been accelerated by earlier and stronger levels of employees returning to work than had been previously expected resulting in a rapid, safe and efficient ramp-up of our operations and plants.

Lonmin stated that it has experienced strong performance across all its operations and that cash and balance sheet management has enabled the return to full production to be completed well within the Company's existing financial resources.

The company added that it was pleased with the ongoing strong response from its entire workforce and in August announced the restructure of its senior executive management team to facilitate the forward momentum of the Company, which it said was proving effective.

In addition, the three-year wage settlement achieved in July continues to facilitate a constructive relationship with all employees.

Lonmin said that it will update the market in greater detail when it releases its Q4 Production Report and announces its Final Results on 10 November 2014.

StockMarketWire.com
Citigroup has upgraded its recommendation on platinum group metals (PGM) producer Lonmin (LON:LMI) to 'buy' from 'neutral', given the share price fall since Glencore announced its intended distribution of Lonmin shares, on 10 February.

The broker pointed out that the shares are down 36 per cent since then, but acknowledged this is partly due to the fall in the platinum price.

"The fall has taken the price to a level which now offers 29% upside to our target price, despite us reducing that target price from £1.87 to £1.45 because of the fall in the platinum price and due to a re-evaluation of costs," analysts said.

However, Citi added that it considers the stock as high risk, especially given the Trade Union risk and enhanced PGM price-sensitivity.

Hmmm - tempted!

YUM!

ubs 45p and sell rating - will the others follow?

http://www.4-traders.com/LONMIN-PLC-4000608/news/Lonmin--UBS-CUTS-LONMIN-PRICE-TARGET-TO-45-75-PENCE-SELL-20764749/

Carnage! Doesn't look like stopping the plunge any time soon either.

Hope you weren't tempted skinners!!

Splat - I had a dabble (small SB) yesterday @32.15p - holding for now!

Bloody hell! I wonder if it might be worth holding a few just on the hope that being this cheap, some other company might find the cash to make a bid? Huge debts though, I believe.

What with afren and now this one......... not appy :(

Yes Afren looked cheap at 60p ,clunk !

A problem I'm having at the moment is valuing some of these bombed out commodity plays.

Have a read of 84 post here.

Blimey - in auction +9.3%.

Strong volume today and yesterday.

In auction again +19.1%.

LONMIN REPORTS PROGRESS

Lonmin Plc ("Lonmin" or "the Company") today provides an update on the action it has already taken to deliver its programme of shaft closures and workforce reduction announced on 24th July. The programme is planned to further reduce Lonmin's cost base and underpin the Company's ability to sustain a depressed Platinum pricing environment over an extended period of time.

Lonmin's stoppage of high-cost production and the potential reduction of the workforce by a total of 6,000 is intended to reduce costs and capital expenditure. Over the next two years 100,000 ounces of high-cost production will have been eliminated but in the meantime the available resources of Hossy will be mined for value. By the end of 2017 production will have reduced by 100,000 ounces per annum. Management has the target of cutting fixed and overhead costs at the same time.

Progress so far:
· 1,400 employees have left the business.
· The Section 189 consultation process on the remainder of the significant downsizing is proceeding on schedule.
· Labour relations continue on a positive and realistic basis.
· Against a cost guidance of R10,800 per PGM ounce, at the end of July year-to-date underlying cash costs on an unaudited basis were R10,499 per PGM ounce, emphasizing the focused management attention.
· Underlying cash costs for the full year are expected to remain below the cost guidance of R10,800 per ounce.

The Board and Management have set the clear objective of containing capital expenditure while cash-harvesting immediately available ore reserves from the Hossy and Newman shafts.

more....

Liberum Capital Hold 34.15 180.00 180.00 Reiterates

All looking pretty dire.

Investec Asset Management Ltd < 5%

Ground effect?

Looks like Glencore is following Lonmin's footsteps...

5p by xmas.

This used to be one of my best trading shares! Where to now I wonder?

Took a punt on this today.

Well done oily .

Indeed well done oily. I am still cautious given the strength of the bounce in many of these shares, yes, they were massively o/sold but there are still serious fundamental problems with debt/profitability ratios...so some sort of back-tracking could yet happen.

I agree splat I rode KAZ and GLEN for a while and still hold some KAZ from higher up but am waiting to see where they settle ,tricky one .
I had this on watch but it escaped me .

LMI gaining another few percent this afternoon .

India is forging ahead.. Industrial output 6.4 percent against 4.8 expected and 4.1 previous month.

Many currencies have been recovering over last week... No downward pressure as some suggested

This and GLEN coming off a bit today KAZ stayed strong so far ....

Currently in auction -17%.

Goldman Sachs Neutral 38.38 96.00 30.00 Reiterates

Make that 23% now !!

Edit ,all over the place .

Great trading share that's all.

If you have the Cojones
Same as GLEN and KAZ worth buying if there is a savage drop .

StockMarketWire.com
Lonmin plans to raise $400m in a rights issue and expects to achieve a unit cost of production of approximately ZAR10,339 per PGM ounce for the year ended 30 September.

It says this is well within the original guidance of ZAR10,800 per PGM ounce.

Lonmin says it has taken action to mitigate the effects of the current low PGM pricing environment and capital expenditure for the year has also been tightly controlled.

On an unaudited basis, Lonmin's capital expenditure for the year ended 30 September 2015 was US$136 million, compared with its original guidance of US$250 million.

On an unaudited basis, net debt as at 30 September 2015 amounted to US$185 million, compared to US$282 million as at 31 March 2015. The board and executive management have reviewed the Group's business and capital structure and developed the Business Plan in order to be able to deal effectively with the effects of a continuation of the current low PGM pricing environment.

The Business Plan will accelerate the implementation of Lonmin's published strategy to control costs, reduce capital expenditure and enable decisive measures to be taken. The Business Plan aims to achieve positive cash flow after capital expenditure in the current low PGM pricing environment while preserving the ability of the Group to increase its production as and when PGM prices improve.

The Board intends to raise approximately $400 million in gross proceeds through a rights issue and, at the same time, enter into amended debt facilities with its lending banks for a total of $370 million, maturing in May 2020, conditional on credit committee approvals, on full documentation being agreed, on the Group raising a further US$400 million in new equity funding and other customary provisions. The Amended Debt Facilities will replace the existing debt facilities commitments which as at 30 September 2015 were approximately US$543 million and which are maturing in May and June 2016.

What price will it be issued at?

Citigroup reiterates neutral on Lonmin, target cut from 34p to 28p.

With rights at 1p plenty of overhang at the moment

BA Merrill Lynch's view:

Bank of America Merrill Lynch pointed out that securing this funding was key to the group's near-term outlook as it will not be able to refinance its debt with lender unless the rights issue is approved by shareholders.

Merrill said its 'neutral' view on the stock is due to the overhang of potential equity funding in the near term, given the tough operating environment.

"Despite this overhang, we think the operating trends are encouraging. In addition, the business is highly geared to a recovery in metal prices (in line with our base case)."

I'll stay clear for the moment, as I have no faith in anyone on this management team bar perhaps the guy brought in to sort out the finances.

Glad i stayed out of this one ....
---------------------------------------------

Lonmin Plc

Share Sub-division, Admission of Nil Paid Rights and listing of and trading in Letters of Allocation

Lonmin Plc ("Lonmin") announces that, following the passing of all resolutions at the General Meeting on 19 November 2015, the Sub-division of Lonmin's ordinary shares is expected to become effective on the London Stock Exchange at 8.00 am (London time) today, and on the JSE at 9:00am (Johannesburg time) today. There will be no change to the number of Lonmin ordinary shares in issue as a result of the Sub-division, although the nominal value of each ordinary share will be reduced to $0.000001. Applications have been made to the FCA, the London Stock Exchange and the JSE Ltd for the Sub-division to be reflected on the Official List and Lonmin's listings on each exchange.

Pursuant to the Rights Issue announced on 9 November 2015, Lonmin also announces that the admission of 26,997,717,400 New Shares to the Premium Segment of the Official List and to trading, nil paid, on the London Stock Exchange's main market for listed securities is expected to take place at 8.00 am (London time) today, and listing of and trading in Letters of Allocation on the JSE on a deferred settlement basis is expected to take place at 9:00am (Johannesburg time) today.

Definitions used in the Prospectus dated 9 November 2015 shall have the same meanings when used in this announcement, unless the context requires otherwise.

1p by xmas.

Deutsche Bank comment:
"Lonmin’s shareholders yesterday voted in support of the resolutions required to proceed with the fully underwritten US$407m rights issue. We update our price target to reflect the share trading “ex-rights” from today. The purely mechanical adjustment divides our unchanged valuation for equity over the enlarged number of shares (from 587m to 27.6bn), which results in an updated price target of SAc60ps and GBp2.8ps. Our equity valuation, with a rising price deck, is $1.3bn (significant upside), but our NPV at spot is negative and our Buy recommendation is purely a call on higher Rand-PGM prices.

The market cap plus net cash raised over new shares (587m in issue plus 27bn to be issued) gives a theoretical ex-rights price (TERP) of SAc25.2ps GBp1.2ps based on 19 November 2015 closing price. This implies a value per right (each right allows for the purchase of a further 46 Lonmin shares at GBp1ps SAc21.4ps) of GBp8.7ps and SAc177ps.

A successful rights issue provides Lonmin with c.US$450m in liquidity (net cash proceeds of the rights issue of US$369m add unutilised facilities of US$86m). Retrenchment costs are $59m and capex for the next three years is US$430m (US$132/110/188m over FY16/17/18e). Thus, if Lonmin’s cost and basket price are equal (as was the case in FY15) then available liquidity will be spent within three years on capex. It is our view that Lonmin needs higher Rand-PGM prices to have a sustainable business case. Lonmin is currently running its business on the hope that higher prices arise before a liquidity crunch arises, again.

The rights issue closes on 10 December 2015 and the new shares will be issued on 11 December 2015. Lonmin will run a 100:1 share consolidation on 18 December 2015 to reduce the number of shares in issue.

We derive our PT using a SOTP DCF (WACC 10% 0.9x NPV). We require higher Rand- PGM prices to obtain a positive valuation for Lonmin."

DB recommended to sell today, reduced target from 230 to 75, but they added 5mln to their holding over last few days.
They are buying something it but recommend others to sell!!!!

What does that mean?

Has anyone looked at this?
Buy volume is four times sells.

What a joke broker note today!

"Deutsche Bank today downgrades its investment rating on Lonmin PLC (LON:LMI) to sell (from buy) and cut its price target to 75p (from 280p)."

Yes, very funny.
They increased their holding by 5.5 over last week

oops, repeating

So it was CONsolidated 100:1 - is that it? - along with some juicy rights issues.
Perhaps that explains why it was very, very low and now is respectably high at about 50p.
Today, Monday the sp has risen a little along with most miners ( Polo Resources ( on AIM ), is up 50% but it had almost fallen off the chart at 2p.

Any views on Lonmin as a major producer...presumably that will continue since it is a commodity producer and suffers when the metal prices are low ( nowadays )...?

Maybe best to wait until the New Year and see what fall-out there is, if any into 2016 - at least then their position should have stabalised a little.....EDIT- seems to be moving up with Mining generally - perhaps folks can see that we will need Metals (etc.) so I've bought v few at 68p . . . .

Is the situation that bad for this company?

the production cost is to be sustained around 10800 rand = $635 at conversion rate of say 17rand to $1

As long as platinum doesn't fall below $635 it will be in profit for every oz.

rough guidance 700000oz a year at current price $835 per oz is £140m profit (£200 profit per oz)and this is low end of the platinum price (talk of this being bottomed out)

So all in all..do your sums....especially when plat(if) reaches $1000 per oz.

Very cheap now, bearing in mind plat is one of the rarest metal and hardest to mine long term prospects is very good for pension pot.

JP Morgan Cazenove today reaffirms its overweight investment rating on Lonmin PLC (LON:LMI) and cut its price target to 167p (from 325p).

price of platinum has been climbing nicely,

has I type 888$ a ounce

platinum now at 899$ an ounce

platinum at 908$ an ounce

platinum at 923$ an ounce

up up and away platinum now at 946$ an ounce

They profit if the price is higher than 775... It has never gone below 800, and moved up to over 900.
Share price should pass issue price, 100p.

3.3% is now in the hand 0f the shorters.

Shorters will be betting that "mining" is likely to remain in trouble for some while, due to China flooding the market//not making much.
However, this is wrong for two reasons:-
1) China may have slowed down, but the world continues to need platinum products - and with "Diesel" being out of favour, I suspect more Platinum will be being bought at low prices - moreover I wasn't aware that China was a big consumer of Platinum....not being too concerned about car-emissions, etc. But this could change very quickly, leaving "shorters" with red-faces.
2) Mining is generally sick due to overcapacity...and those mines with higher costs will close, so the Market is contracting, even though the price dives. That is a good opportunity for merchants to buy-forward, thereby fixing their costs into the future - and this means the likes of Lonmin/Rio etc. will have modes levels of work - and will adjust their factory/workforce to suit the lowered Mfr. needs.

It only needs one big Co to notice this is happening and all shorters will be running for their brokers.

platinum now at 954$ an ounce

yesterday I purchased 150 shares in lonmin, @ £1

nice to make profit for a change

Always good to make a profit.......don't forget to actually take it though.....possibly looking a little overbought atm.

Since the consolidation I am the proud owner of ........ 4 shares with a average value of £28/share. Think I should average down..... lol.

Deutsche Bank today reaffirms its sell investment rating on Lonmin PLC (LON:LMI) and raised its price target to 45p (from 42p).

Today good figures should do a good thing for the charting from, since early March is on the way process of culminating a A CUP & HANDLE, at the moment is on the late stages of the Handle before reaching the breakout 195/198p

StockMarketWire.com
Lonmin reports significant progress on its business plan in the six months to the end of March following a successful refinancing.

EBITDA for the period was $36 million against a loss of $6 million a year ago and was largely due to the beneficial impact of cost reductions.

The group says cost savings are well ahead of schedule with R469 million savings achieved in H1 2016 (in FY15 money terms). This represented 67.0% of the full-year target of R700 million.

Reorganisation and s189 process successfully completed with 5,433 people having left the Group by 31 March. A further 1,428 employees were reskilled and redeployed into vacant, more productive roles.

Chief executive Ben Magara said: "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 cashflows. Quarter on quarter, Lonmin has reduced unit costs to R10,390 per PGM ounce and improved the net cash to $114 million; 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.

"Going forward, our investment in relationships and the concept of shared value will be extensively tested in the coming wage negotiations especially with the backdrop of local government elections. I am cautiously optimistic about wage negotiations as we have engaged continuously with our employees and unions on the economic realities that our Company has gone through, including the inevitable 5,433 colleagues that we had to sacrifice and lost their jobs."

The group said the rolling twelve month average Lost Time Injury Frequency Rate to 31 March 2016 was 5.10 incidents per million man hours and shows a steady improvement of 5.7% on September 2015 at 5.41. It adds: "Despite most safety indicators showing improvements, regrettably one of our colleagues, Mr Zilindile Ndumela, was fatally injured on 26 October 2015 at Rowland shaft. Subsequent to the period end two of our colleagues were fatally injured, Mr Goodman Mangisa at Pandora JV E3 Shaft on 6 April and Mr Fanelekile Giyama at Rowland shaft on 7 May."

Shore Capital note:
"LONMIN^ (LMI, NR, CNP) – Full-year sales guidance appears do-able, a little more work needed on costs; ship turning around, but needs favourable price and FX winds to go anywhere fast. Production in Q2 FY2016 was slightly down on both Q1 FY2016 and Q2 FY2015. However, Lonmin was able to reduce unit costs by 5.1% vs. Q1 FY2016 (albeit Q1 was impacted by the December holidays) and 2.6% lower than Q2 FY2015. Refined production and sales were slightly up on Q1 FY2016 and significantly up on Q2 FY2015 (which was impacted by smelter issues).

In relation to the H1 FY2016 P&L, Lonmin remained loss-making at all levels, albeit it is now only slightly loss-making rather than heavily loss-making. Operations recorded significantly reduced cash outflows, and thanks to the recent refinancing, Lonmin ended the period with US$264m of cash (albeit this was still down on the US$320m cash at the start of the period). Current assets totalled US$687m, dwarfing current liabilities of US$158m. Net debt was reduced to US$114m (from US$185m).

For the full-year, Lonmin reiterated sales guidance of c.700koz Pt at R10,400/oz PGMs (H1 FY2016: 361.9koz @ R10,668/oz). Capex guidance was reduced further, to US$105m (from US$132m). 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). 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."

UBS note today:
"Lonmin achieved good cost performance in Q2-16, with unit costs -3% q/q. This is positive as labour reduction/cost-cutting initiatives start to bear fruit. However, we do not believe this level of performance is sustainable, especially as production declines into FY17/18E, and we expect costs to increase 8-10% p.a. (vs company guidance of flat nominal costs). We expect this to lead to Lonmin being FCF negative in FY19E, even if prices increase as we expect, and is likely to be a disappointment vs consensus. After a strong share price performance (+485% from January lows), we think the valuation looks stretched (2x UBSe NPV), and downgrade the stock to Sell from Neutral.
If prices remain at spot, financial leverage would increase to greater than 3x ND: EBITDA in FY18E, and liquidity would be significantly impaired (from a healthy $474m at Mar-16). However, in a low price environment, we assume Lonmin would likely rather let its production fall further than put the balance sheet at risk. Nevertheless, in this scenario, the equity could de-rate materially, and underperform peers. Lonmin remains the most vulnerable in our view.
We see a better-than-expected performance in the ZAR PGM basket price as the biggest risk to our cautious stance on Lonmin. Additionally, upcoming wage negotiations are likely to generate some headlines, especially given the fluid regulatory backdrop (see our recent note). Ultimately, we believe wage increases are likely to be settled at increases of 8-10%, similar to previous agreements, and in line with broader expectations.
Our PT increases to 140p (from 110p) as we now base our PT on a mix of EV/EBITDA and NPV (vs NPV previously) bringing Lonmin in line with the rest of the SA PGM sector. We also initiate on the SA line of Lonmin, with a Sell rating and a ZAR30 PT (same PT basis). We have updated estimates, reflecting the fluid price environment and likely changes to production and capex we expect as a result."

Deutsche Bank today reaffirms its sell investment rating on Lonmin PLC (LON:LMI) and raised its price target to 106p (from 105p).

StockMarketWire.com
Lonmin - one of the world's largest primary platinum producers - has announced its production results for the third quarter ended 30 June.

Chief executive Ben Magara said it was "another good quarter in a challenging operating environment" with the company continuing to focus and execute on its 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

I've got these from 101p - unfortunately only a small holding.

I haven't got any! Doh!! :o(

Lonmin Secures $50 million Funding For Tailings Project

Lonmin Plc is pleased to announce that it has secured competitive funding of $50 million for the Bulk Tailings Treatment project ("the BTT project" or "the project") through a specific project finance metal streaming arrangement. The first tranche of project funding of $9 million has now been received and work has already started on the project.

The BTT project involves the re-mining of Lonmin's Easterns Tailings Dam. The project entails the reprocessing of 26 million tonnes of Tailings material at a rate of 300,000 tonnes per month. Commissioning and ramp up to full production is expected during the 2018 Financial Year.

Once at steady-state, the project is expected to produce about 29,000 ounces of Platinum per year or some 55,000 ounces of PGM, at a yield of 0.5 grammes per tonne (5PGE+Au) (grade of 1.42 grammes per tonne at a recovery of 35%). The project is part of Lonmin's business plan and is expected to produce the lowest cost ounces in the Lonmin portfolio.

"The BTT project is part of our strategy to focus on low cost ounces to maximise our cash position and create value for all our stakeholders," said Lonmin's Chief Executive Ben Magara.

Peel Hunt today initiates coverage of Lonmin PLC (LON:LMI) with a sell investment rating and price target of 160p

StockMarketWire.com
Lonmin posts an underlying operating profit of $7m for the year to the end of September against a loss of $134m last time.

Revenues totalled $$1,118m against $1,293m and operating losses narrowed to $322m from $2018m.

Underlying loss before tax narrowed to $3m from $143m and pre-tax losses fell to $355m from $2262m.

Lonmin chief executive Ben Magara said: "During 2016 we strengthened our balance sheet and renewed our bank facilities, closed unprofitable shafts, reorganised the business without labour disruptions, reduced costs and enhanced profitability. We are now well placed to drive essential and sustained improvements in productivity. I am pleased that we ended the year with net cash of $173 million and increased total liquidity to $537 million. I am also pleased that we signed a multi-year wage agreement without labour or production disruption. We have now repositioned the business, not only to withstand the current low PGM price environment, but also to seize opportunities to maximise value for shareholders and all our stakeholders."

Lonmin also issued a fourth quarter production report.

It said: "The Marikana mining operations (including Pandora) produced 2.7 million tonnes during the quarter as planned, a decrease of 10.1% or 298,000 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.

"Production from our core Generation 2 shafts (K3, Rowland, Saffy and 4B/1B) was 2.1 million tonnes, broadly flat on the fourth quarter of 2015 production of 2.2 million tonnes and accounted for 80% of total tonnes mined, emphasizing our continued focus on these core shafts. Productivity at our Generation 2 shafts at 6.1 square metres per mining employee for the quarter improved by 1.6% on the fourth quarter of 2015. The improved productivity and reduced Section 54 stoppages were offset by the decrease in tonnes from K3 shaft."

StockMarketWire.com
Lonmin has maintained its sales guidance for 2017 but was disappointed by first quarter production at its Generation 2 shafts and is reviewing its capital expenditure.

The Marikana mining operations including Pandora produced 2.3 million tonnes during the quarter, down 7.8% or 0.2 million tonnes on a year ago partly due to the planned decline from the closing of its high cost shafts.

Tonnes mined from its Generation 2 shafts totalled 1.8 million tonnes, a decrease of 5.2%, or 0.1 million tonnes on the comparative period due to the under-performance of K3, its biggest shaft.

K3 produced 590,000 tonnes, a decrease of 13.8% on the prior period.

Lonmin said: "We have been disappointed by the quarter 1 production at our Generation 2 shafts.

"With the initiative of deploying additional stoping and vamping crews, as well as the expected platinum ounces from the smelter clean-up project, our sales guidance for the 2017 full year is maintained at between 650,000 and 680,000 Platinum ounces.

"At this stage we still expect unit costs to remain in the range of R10,800 to R11,300 per PGM ounce for the full year subject to seeing sustained improvement in production during the year.

"We will be reviewing our capital expenditure and will provide an update on guidance in due course."

Peel Hunt today reaffirms its sell investment rating on Lonmin PLC (LON:LMI) and cut its price target to 105p (from 155p).

Platinum miner Lonmin has come under attack over its record on conditions for its workers, nearly five years after dozens of people were killed in violence at its Marikana mine in South Africa.

Speaking as protesters displayed placards bearing the names of the dead, the chief executive, Ben Magara, told shareholders at the group’s annual meeting that progress on building homes for 33,000 staff had been “slower than we would have liked”.

But he said rock-bottom platinum prices made it impossible for the company to resolve the housing issue and stay financially sound.

Thirty-four people were killed near the Marikana mine in August 2012, after workers went on strike, demanding a living wage from Lonmin in a complex dispute that escalated into violence.

The former bishop of Pretoria Johannes Seoka, who was on the phone to one of the victims when the police opened fire, said the company should take more responsibility.

“We’re convinced that what happened is the result of their own reaction to demands of the workers,” he said. “If they had talked with the workers that massacre would not have happened.”

Seoka and Amnesty International called for the company to move faster on building homes for miners, many of whom live in informal communities with no electricity or running water.

Lonmin reached a deal with workers last year for the basic monthly pay of 4,000 rock drill operators to rise by 2018 to nearly 12,500 South African rand (£744), the amount they were demanding in the days leading up to the 2012 massacre.

But one shareholder said she believed miners’ wage demands were “unreasonable”, comparing the sum to her own pension and disability allowance.

“The bulk of my pension goes on utilities,” she said. “They [mine workers] say they don’t have electricity, gas or running water so I don’t understand what they want to spend it on.”

Lonmin said it had taken steps to help the families of the Marikana massacre victims, including offering them jobs, paying for their children’s education and agreeing to improve housing and wages.

Lonmin hammered by resignation of ‘one of its best people’

Lonmin shares fell more than 10% on Monday, when it told the market its chief operating officer, Ben Moolman, had resigned for "personal reasons". On the JSE, the share price closed 8.5% down at R16.14, its lowest level in 2017, marking it out as the weakest of SA’s platinum companies since the start of the year. Lonmin has dropped more than 31% so far in 2017 and 50% in the past 52 weeks.

Analysts said Moolman, a figure with the operational experience necessary to turn the embattled company’s mines back to profit, appeared to have had enough. "You can’t replace him with anyone else in the hope they can fix the operational problems. The real problem is the capital structure of the company — that and the labour and social issues," said Nedbank analyst Leon Esterhuizen.

The lack of capital, stemming in large part from a 2016 rights issue that was too small, meant there was not enough money to invest in the mines and, in particular, to bring the suspended and partially built K4 mine into production as the company’s lowest-cost mine, he said. He’s been made the fall guy for everything that’s gone wrong and will go wrong in coming months.

The London-and JSE-listed shares fell to a level that was not far off the equivalent 1p per share at which Lonmin conducted a heavily discounted rights issue in December 2015 to raise a total $407m. It subsequently consolidated its shares on a 100:1 basis to reduce its 28-billion shares in issue to a more manageable level.

Meeting Moolman during an analysts’ visit to Lonmin’s mines near Brits in North West earlier in 2017, analysts said he believed the operational setbacks could be overcome.

"He’s been made the fall guy for everything that’s gone wrong and will go wrong in coming months. Lonmin won’t make its production targets and the blame will be directed at Ben. Lonmin is losing one of its best people," said an analyst.

Lonmin’s biggest shaft, K3, had a poor first quarter, with output falling 14%. "Overall, the relationship between operational management and unions at this shaft is not working as effectively as we expected and the yielding of results from the implementation of business improvement initiatives at this shaft is taking longer than we would have liked to see," Lonmin said in January.

Citigroup note today:
"As we did in January 2012 and March 2015 (see Steering the Ship through Stormy Waters and Tiring Balance Sheets), we are again cautioning investors that there is a high likelihood that LON will have to approach shareholders for further capital in the next 6-12 months, especially if current PGM prices prevail.
We estimate that LON’s tangible net worth could fall below the $1.1bn level when it reports its FY17 results to September 2017. This level is significant since it would trigger LON’s debt covenants.
We think this could result in LON’s fourth rights issue in eight years.
We are unsure about investor appetite to support another rights issue, given the last one was less than two years ago.
This could call into question the future shape of LON’s business.
We revise our estimates, marking to market 1H17, which leads us to cut our TP 20% to GBP0.95 (ZAR15.42). We downgrade the stock to Sell/High Risk.
We argue that, as the industry’s highest-cost player and with limited strategic flexibility, LON remains structurally challenged and a speculative play on PGM prices."

Peel Hunt believes it is time to get rid of platinum producer Lonmin.

Analysts said the firm's plans to reopen one of its major mine shafts, which it announced last week, were 'heartening'.

But they have real concerns over cash flow, expecting it will have to raise money at some point over the next two years after using up existing funding.

They downgraded Lonmin to 'sell' from 'hold'.

Took a punt at below 83p

The early marked up to 85p+ did not last, but slowly is picking up again, maybe help by my buy.
Metal prices on the rise should see further interest on the stock as it bounces back from the recent drop.

not much stock around at this prices, so they ask for premium for any long settelment
2 week old chart

Lonmin betting on platinum and palladium continuing their rallies LMI by ValueTheMarkets • August 18, 2017

As the platinum price continues to gain ground and palladium hits a 16-year high, shares in Lonmin Plc (LSE:LMI) are starting to perk up.
Having taken a beating over the last 12 months, down from a high of 231p, Lonmin’s battered share price now trades at 82.5p on the mid.
However, there are signs it could be about to stage a comeback.

One of the greatest concerns about Lonmin (understandably) is the company’s debt. Having secured a bailout rescue package in
December 2015, the company managed to survive albeit at a heavy cost. Today Lonmin carries a $150million debt facility,
which includes a number of fairly stringent covenants. Of these perhaps the most noteworthy is the condition that Lonmin’s
tangible net worth (“TNW”) must not fall below $1.1billion. According to the company’s latest set of interim numbers its
TNW was $1.434billion, giving it $334million headroom.

For long-term investors this might be a little close for comfort, but Lonmin’s latest quarterly production report offers some
cause for hope. In this Lonmin announced, “Net Cash improved to $86 million (gross cash of $236 million less the drawn
term loan of $150 million) at 30 June, up from $75 million (gross cash of $225 million less the drawn term loan of $150 million).”
For a company, which the market fears is running out of cash, this is very good news. When you factor in continued price
strength in platinum and palladium (which account for 75% and 25% of Lonmin’s production mix respectively)
it is doubly positive.

A bit earlier in the summer Lonmin’s shares traded at a 52-week low of 61.5p. At this level the company was starting to look like
it was being priced to fail. The rally over the last month has made the situation look a lot better, but a price pullback in the last
fortnight has further called into question Lonmin’s ability to hold the gains.

Referring to the charts might offer some insight into which direction Lonmin’s shares will head next.



From a Technical Analysis point of view there is an obviously strong relationship between Lonmin and the price of platinum.
Platinum is currently charging ahead. Its price recovery bodes well for Lonmin, which should follow suit if this continues.

The platinum price hit its low of $812 at the beginning of 2016. This year it has bounced around the $900 level three times
and there are other encouraging signs of a sustained recovery now. On the daily chart platinum is above its 200 Day
Moving Average (DMA) and recently ‘checked back’ with a confident bounce. The 20 DMA has crossed upwards through
both the 50 and 200 DMAs. The price action is generally forming an upward trend. A break through long-term diagonal resistance
(shown in red on the chart below) could signify a strong move towards $1200+,



At the same time Lonmin’s share price appears to be in an upward channel mirroring platinum. It has just passed a strong
diagonal line of resistance again. Other promising signs are the recent Golden Cross by the 20 DMA and 50 DMA, and also
a month long support line beneath the Relative Strength Index. A good first target might be the 200DMA, which is on its way
to meet the top of the current price channel at around 110p. However, with Lonmin still pretty much priced to fail and
optimistic signs in the platinum price, the upward potential for the share price could be much, much greater.

Opening a tightly managed, disciplined position at or around 82p appears to offer a favourable risk/reward ratio.

A very good rise today after and early morning calm where I managed to get another lot at 83.25p.
Taking advantage of the large rise in Platinum of yesterday and again today

By 12.02pm the order book had signal a better price to come when the UT went to 85p

Looks like we are going to have a good finish, as the order book has just got strong

spread 87.25 v 87.50

DEPTH 56 v 33
-

StockMarketWire.com
Lonmin's results for the year to the end of September will be delayed while management concentrates on the operational review announced on 7 Aug.

Lonmin said the objective of the review was to achieve a properly funded viable business plan based on potential disposal proceeds, new debt capital and the continuing support of existing lenders which may include obtaining their consents and waivers of any future potential covenant breaches and disposals.

It said the review, and the potentially significant outcomes, continued to demand management's undivided attention and, as a result, the preparation of the audited full year financial results had been delayed.

The company was due to publish its results on 13 Nov.

In an update, the company said the operating environment remained tough, and it was planning on the basis that it would remain so for the foreseeable future.

It said platinum sales for 2018 were expected to be between 650,000 and 680,000 ounces.

It said unit costs remained under pressure and were expected to be in the range of R12,000 to R12,500 per PGM ounce.

Chief executive Ben Magara said: 'Our principal focus for 2017 was to remain at least cash neutral in line with our short term strategic objective to be able to deal successfully with the continued low PGM pricing environment.

'Given the slow start to the year, we are pleased with the way our mining operations have performed throughout the last three successive quarters to compensate for the poor performance in the first four months of the financial year up to 31 January 2017.

'We have succeeded in making meaningful progress in this tough operating environment, by improving our production performance reducing capital expenditure to the minimum required for the safe and efficient running of operations, and maintaining operational and strategic flexibility.

'Our processing teams continue to deliver exceptional performance.

'Lonmin's Operational Review continues with the primary objective of preserving value for shareholders and safeguarding the long-term interests of employees and all key stakeholders.

'We are pleased with the progress made so far and will report the results to shareholders in due course.'

Lonmin said the mining performance improvement had been sustained from March.

Tonnes mined by its Generation 2 shafts increased for the fourth quarter by 7.5% to 2.3 million tonnes compared with the fourth quarter of 2016, providing a 2.3% improvement for the year to 8.3 million tonnes for the year.

StockMarketWire.com
Mining firm Lonmin (LMI) announced improved revenue on higher platinum group metal prices for the year to 30 September 2017 but a significant pre-tax loss of $1.17bn after a change in its business plan led to a $1.05bn impairment.

In an update on its first quarter to 31 December 2017, reported net cash of $63m reflected a reduction in the historical first quarter cash burn rate and the company revealed a fatality-free operating period.

The company is in the process of merging with Sibanye-Stillwater. Lonmin chief executive Ben Magara says: 'We believe Lonmin has an enviable mine-to-market business with great mining assets, projects and process technology and a resilient workforce.

'Despite this, Lonmin continues to be hamstrung by its capital structure and liquidity constraints. The announced combination with Sibanye-Stillwater will provide a stronger platform for Lonmin's shareholders and allow them and our other stakeholders to benefit from the long-term upside potential of an enlarged and geographically diversified precious metals group.'