BizNis Africa
Latest News
Africa Architecture Awards announces 20 shortlisted projects
The Africa Architecture Awards, founded by Saint-Gobain, attracted a...
Lynette Ntuli appointed new Libery Two Degrees non-executive director
Unitholders of Liberty Two Degrees are advised that Angus...
Afreximbank grants $200 million financing to Arab contractors
The Egyptian construction conglomerate, The Arab Contractors (Osman Ahmed...
Graça Machel Trust officially launches Women Advancing Africa Forum
The inaugural Women Advancing Africa (WAA) Forum is a...
Union Bank unveils new digital banking platforms
Union Bank unveiled digital banking platforms at an interactive...
Why Jack Ma chose East Africa for first Africa visit
East Africa has become an attractive investment destination in...
Osinbajo unveils $1.5 billion fertilizer plant in Nigeria
Professor Yemi Osinbajo, Nigerian Acting President today, 27 July...
Accenture – GIBS launch artificial intelligence whitepaper
Accenture and the Gordon Institute of Business Science (GIBS)...
Gauteng Infrastructure Investment Conference kicks-off in Midrand
Gauteng Province, situated in South Africa kick-started the second...
South African Institute for Black Property Practitioners Indaba comes to Johannesburg
The countdown to the 2017 South African Institute for...

Ben Magara, Lonmin Chief Executive Officer

Lonmin Plc, one of the world’s largest primary platinum producers, today, 17 July 2017, announces its production results for the quarter ended 30 June 2017 and a business update.

The company reports two fatalities in a period when the 12 month rolling Safety Lost Time Injury Frequency Rate (“LTIFR”) had in fact improved by 2.0% quarter on quarter.

The mining performance improvement since March 2017 has been sustained into Q3 2017. Total tonnes mined increased by 3.8% to 2.7 million tonnes compared with Q3 2016, up 13.2% on Q2 2017.

Tonnes mined from our Generation 2 shafts, which generate 84% of our production, increased by 9.0% to 2.2 million tonnes compared with the prior year period and increased by 18.6% against Q2 2017.

Concentrator recoveries continue to be excellent at 86.8%.

“We had a pleasing operational performance all round and continue with our decisive work and aim to be at least cash neutral even at current low PGM prices and a strong Rand. I am pleased that with the right team in place, our mining turnaround has been sustained. I am grateful to our employees who have worked hard to produce the results we are seeing. We continue to find levers to pull, in this lower prices for longer environment and to make the improvement of our performance a priority. I am particularly pleased that our net cash has improved. Despite the difficult global macro-economics and the complex and challenging socio  political operating environment, we are still able to find common ground for Lonmin to deliver this sustained improved performance,” says Ben Magara, Lonmin Chief Executive Officer.

Sales of 180 348 Platinum ounces increased by 10.8% on prior year period. We are maintaining our full-year sales guidance of 650,000 ounces to 680 000 ounces.

Average Rand full basket price down 3.0% on the prior year period, at ZAR11 506 per PGM ounce.

As a result of the much improved mining performance, unit costs reduced by 4.7% quarter-on-quarter to ZAR11 278 per PGM ounce (6E basis), and increased 6.4% year-on-year, slightly above inflation.

We were at the lower end of the revised unit cost guidance of between ZAR11 300 and ZAR11 800 per PGM ounce.

Gross cash improved to $236 million at 30 June 2017 from $225 million as at the end of the second quarter.

Net Cash improved to $86 million (gross cash of $236 million less the drawn term loan of $150 million) at 30 June 2017, up from $75 million, gross cash of $225 million less the drawn term loan of $150 million at the end of the second quarter.

 

Leave a Reply

Ver peliculas online
%d bloggers like this: