9th Oct 2006 07:00
Lonmin PLC09 October 2006 Lonmin converts its Marikana Mining Licences Lonmin is pleased to announce that its South African operating companies,Western Platinum Limited ("Western Platinum") and Eastern Platinum Limited("Eastern Platinum"), have received notification from the Director General ofthe Department of Minerals and Energy ("DME") of the successful conversion oftheir old order mining rights into new order mining rights in respect of theGroup's Marikana operations. These rights entitle Western Platinum and EasternPlatinum to the exclusive right to mine for Platinum Group Metals and associatedmetals within the designated property boundaries for the next 30 years with aright to apply for renewal thereafter for up to a further 30 years. The Group'sMarikana operations currently represent around 95% of Lonmin's annualproduction. Western Platinum and Eastern Platinum have each committed to certainundertakings within their Social and Labour Plan portions of their conversionapplications which will bring these companies into full compliance with theSouth African Mining Charter within agreed time frames. The DME has confirmedthat each of Western Platinum and Eastern Platinum are empowered to a level of18% BEE equity ownership by virtue of Incwala Resources (Pty) Limited'sownership in of these companies. Commenting on the conversion, Lonmin Chief Executive, Brad Mills said: "I amextremely pleased that we have received our new order mining rights for ourMarikana operations. As a large direct foreign investor, the conversion of ourmining rights removes a fundamental uncertainty around the future of ouroperations and gives us great confidence in our current and future capitalcommitments to South Africa. We are pleased to accept the challenges of transforming our business to meet therequirements of the South African Mining Charter and this vote of confidence bythe South African Government in our progress to date is very welcome. I would like to thank our colleagues at Incwala Resources who have worked inclose partnership with us to ensure a successful conclusion to this process.Their advice, input and help in facilitating our application has beeninvaluable. I would also like to thank the DME and its entire staff in both theKlerksdorp and Pretoria offices for their help and assistance in managing thiscomplex dialogue in a constructive and professional way. We are committed to working with the DME to satisfy the undertakings made in ourSocial and Labour Plan achieving Lonmin's objectives of transformation andempowerment which will provide a vital contribution to the ongoingtransformational efforts of the South African Government for South Africa andits people." Enquiries:Alex Shorland-Ball +44 (0)207 201 6060Vice President,Investor Relations & Communications Lonmin will be hosting a newswire call at 7.30 am UK time (8.30 am SA time).Access number +44 (0)20 8609 0205, UK Freephone Number 0800 358 2705, SouthAfrican Freephone Number 0800 999 539. Pin code: 185310# Lonmin will be hosting a press conference with the Department of Minerals &Energy and Incwala Resources at 15.30 pm South African time (14.30 pm UK time)at the Sandton Hilton, 138 Rivonia Road, Sandton, Johannesburg. Internationalpress can dial into this conference on the following numbers: UK: 0800 917 7042,US: 1 866 752 6302 (press * 0 for the operator) and other countries +27 11 5353600 (alternative number). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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