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%

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 .