25th Apr 2007 07:02
Lonmin PLC25 April 2007 First Half Production Report Lonmin today announces its production report for the six months to 31 March 2007(unaudited). Brad Mills, Chief Executive Officer said: "Our second quarter production and sales of refined metal were impacted by theshutdown of the Number One furnace on 16 December 2006. Total refined metalsales were 513,278 ounces of total PGMs down 27.8% on the same period last year.We have completed the rebuild of the Number One furnace, which is currentlyheating up. We expect to resume normal smelting and refining operations by theend of this month. On 12 March 2007 we completed our first matte tap at ourre-commissioned Merensky furnace. This furnace is running extremely well withthroughput ahead of plan. Our mining operations were impacted by an extendedChristmas break and a one day wildcat strike. Tonnes mined were in line with thefirst half of 2006 after stripping out the effect of the additional week in theprior year period. The concentrators delivered 450,894 ounces of Platinum inconcentrate down some 3.6% on an equivalent basis principally as a result ofpoorer recoveries due to the mix of ore types processed during the period." 6 months to 6 months to 31 March 31 March 2007 2006(1) Tonnes Marikana Underground 000 5,580 5,676mined Opencast 000 704 899 Total 000 6,284 6,575 Limpopo Underground 000 390 461 Opencast 000 - 14 Total 000 390 475 Pandora Underground 000 60 50 attributable(2) Opencast 000 150 35 Total 000 210 85 Lonmin Platinum Underground 000 6,030 6,187 Opencast 000 854 948 Total 000 6,884 7,135 Tonnes Marikana Underground 000 5,581 5,622milled(3) Opencast 000 738 1,196 Total 000 6,319 6,817 Limpopo Underground 000 397 487 Opencast 000 - 14 Total 000 397 501 Pandora(4) Underground 000 141 117 Opencast 000 336 68 Total 000 477 185 Ore purchases(5) Underground 000 72 - Lonmin Platinum Underground 000 6,191 6,226 Opencast 000 1,074 1,278 Total 000 7,265 7,504 6 months to 6 months to 31 March 31 March 2007 2006(1) Metals in Marikana Platinum oz 403,860 448,134concentrate(6) Palladium oz 183,862 206,833 Gold oz 11,191 10,675 Rhodium oz 53,164 61,152 Ruthenium oz 86,078 87,644 Iridium oz 17,967 18,329 Total PGMs oz 756,122 832,766 Nickel(7) MT 1,933 2,020 Copper(7) MT 1,160 1,228 Limpopo Platinum oz 18,759 25,926 Palladium oz 13,083 21,605 Gold oz 1,448 3,026 Rhodium oz 1,955 3,208 Ruthenium oz 3,053 5,205 Iridium oz 722 1,085 Total PGMs oz 39,020 60,055 Nickel(7) MT 416 491 Copper(7) MT 285 337 Pandora(4) Platinum oz 25,600 10,203 Palladium oz 11,997 4,707 Gold oz 226 96 Rhodium oz 3,707 1,543 Ruthenium oz 5,511 2,401 Iridium oz 1,197 487 Total PGMs oz 48,238 19,437 Nickel(7) MT 30 3 Copper(7) MT 17 6 Ore purchases(5) Platinum oz 2,675 - Palladium oz 1,233 - Gold oz 36 - Rhodium oz 416 - Ruthenium oz 670 - Iridium oz 138 - Total PGMs oz 5,168 - Nickel(7) MT 16 - Copper(7) MT 9 - Lonmin Platinum Platinum oz 450,894 484,263 Palladium oz 210,175 233,145 Gold oz 12,901 13,797 Rhodium oz 59,242 65,903 Ruthenium oz 95,312 95,249 Iridium oz 20,024 19,901 Total PGMs oz 848,548 912,258 Nickel(7) MT 2,395 2,514 Copper(7) MT 1,471 1,571 6 months to 6 months to 31 March 31 March 2007 2006(1) Metallurgy Lonmin refined Platinum oz 259,434 356,351 metal Palladium oz 116,581 159,536 production Gold oz 7,555 9,336 Rhodium oz 31,019 56,773 Ruthenium oz 42,587 82,261 Iridium oz 12,839 15,901 Total PGMs oz 470,015 680,158 Toll refined Platinum oz 23,872 - metal Palladium oz 10,862 - production Gold oz 0 - Rhodium oz 3,447 - Ruthenium oz 5,409 - Iridium oz 1,063 - Total PGMs oz 44,653 - Total Platinum oz 283,306 356,351 refined Palladium oz 127,443 159,536 PGMs Gold oz 7,555 9,336 Rhodium oz 34,466 56,773 Ruthenium oz 47,996 82,261 Iridium oz 13,902 15,901 Total PGMs oz 514,668 680,158 Base metals Nickel(8) MT 1,604 - Copper(8) MT 826 - Sales Refined Platinum oz 273,191 364,133 Metal Palladium oz 124,884 170,992 Sales Gold oz 7,560 10,251 Rhodium oz 37,170 59,566 Ruthenium oz 56,492 88,853 Iridium oz 13,981 16,717 Total PGMs oz 513,278 710,512 Concentrate Platinum oz 1,249 47,195 and other(9) Palladium oz 496 20,760 Gold oz 2,037 1,832 Rhodium oz 46 5,344 Ruthenium oz 90 9,093 Iridium oz 22 1,928 Total PGMs oz 3,940 86,152 Lonmin Platinum Platinum oz 274,440 411,328 Palladium oz 125,380 191,752 Gold oz 9,597 12,083 Rhodium oz 37,216 64,910 Ruthenium oz 56,582 97,946 Iridium oz 14,003 18,645 Total PGMs oz 517,218 796,664 Nickel(8) MT 2,232 2,457 Copper(8) MT 774 1,314 6 months to 6 months to 31 March 31 March 2007 2006(1)Prices Average Platinum $/oz 1,103 968 Palladium $/oz 325 266 Gold $/oz 602 511 Rhodium $/oz 5,325 3,142 Ruthenium $/oz 305 79 Iridium $/oz 392 176 Nickel(8) $/MT 25,067 10,431 Copper(8) $/MT 6,558 4,149 Basket price of PGMs $/oz 1,102 847 Exchange Average rate for period R/$ 7.31 6.29Rates Closing rate R/$ 7.24 6.15 Notes: (1) The six months to March 2006 comprised an additional 7 days mining performance for WPL and EPL arising on the change of basis to report on a calendar month. (2) JV attributable tonnes mined includes Lonmin's share (42.5%) of the total tonnes mined on the Pandora joint venture. (3) Tonnes milled excludes slag milling. (4) Lonmin purchases 100% of the ore produced by the Pandora joint venture for onward processing which is included in downstream operating statistics. (5) Relates to the tonnes milled and derived metal in concentrate from third-party ore purchases. (6) Metals in concentrate has been changed from the previously reported definition of full contained metal to adjust for industry standard downstream processing losses. (7) Corresponds to contained base metals in concentrate. (8) Nickel is produced and sold as nickel sulphate crystals or solution and the volumes shown correspond to contained metal. Copper is produced as refined product but typically at LME grade C. (9) Concentrate and other sales have been adjusted to a saleable ounces basis using standard industry recovery rates. Lonmin's interim results will be announced on 2 May 2007. Enquiries:Alex Shorland-Ball +44 (0) 20 7201 6060Vice President, Investor Relations & Communications This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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