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%

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.