Quarterly Production Report

1st Feb 2005 13:50

Lonmin PLC01 February 2005 1 February 2005 Lonmin presents quarterly results for the first time and intends in the futureto update the market on a quarterly basis. Mining Quarter to Quarter to------------------------- ----------- Dec-04 Dec-03 -------- --------Tons milled (excluding slag) underground 2,737,105 2,863,609------------------------- ----------- -------- -------- opencast 761,367 758,592------------------------- ----------- -------- -------- Total 3,498,472 3,622,201------------------------- ----------- -------- --------Tons mined underground 2,792,646 2,905,065------------------------- ----------- -------- -------- opencast 689,744 533,208------------------------- ----------- -------- -------- Total 3,482,390 3,438,273------------------------- ----------- -------- -------- Mine tonnage production for the first quarter was in line with last year with aslightly higher proportion of opencast ore to underground ore due to the commencement of mining of the Merensky opencast. Metallurgy Quarter to Quarter to------------------------- ----------- ----- Dec-04 Dec-03 -------- --------Noble metals in matte kg 10,054 12,502------------------------- ----------- ----- -------- --------Refined production of platinum oz 149,066 142,160------------------------- ----------- ----- -------- -------- palladium oz 64,615 64,044 ------------------------- ----------- ----- -------- -------- rhodium oz 16,141 12,922 ------------------------- ----------- ----- -------- -------- Total PGMs oz 275,339 253,679 ------------------------- ----------- ----- -------- -------- Noble metals in matte were reduced versus last year due to smelter constraints.Stocks of PGMs increased by some 3,000 kgs of PGMs. Refined production duringthe quarter was ahead of last year due to PGM concentrate stocks being processedprior to the smelter incident. Sales Quarter to Quarter to------------------------- ----------- ----- Dec-04 Dec-03 -------- -------- platinum oz 142,061 180,313 ------------------------- ----------- ----- -------- -------- palladium oz 60,758 72,156 ------------------------- ----------- ----- -------- -------- rhodium oz 18,014 28,537 ------------------------- ----------- ----- -------- -------- Total PGMs oz 275,604 350,533 ------------------------- ----------- ----- -------- -------- Sales of PGMs were in line with production as compared to the 1st quarter of2003 when there was significant reduction of finished metal stocks. Prices Quarter to Quarter to------------------------- ----------- ----- Dec-04 Dec-03 -------- --------Average price received per ounce platinum R 4,910 4,982------------------------- ----------- ----- -------- -------- $ 833 751------------------------- ----------- ----- -------- -------- palladium R 1,238 1,295------------------------- ----------- ----- -------- -------- $ 209 196------------------------- ----------- ----- -------- -------- rhodium R 7,149 3,138------------------------- ----------- ----- -------- -------- $ 1,206 478------------------------- ----------- ----- -------- -------- The average basket price realised in 2004 at US$18,653 was 25% ahead of theprice achieved in 2003. Exchange Rate Quarter to Quarter to------------------------- ----------- ----- Dec-04 Dec-03 -------- --------Average exchange rate Sterling £/$ 1.89 1.74------------------------- ----------- ----- -------- -------- SA Rand R/$ 5.87 6.65 ------------------------- ----------- ----- -------- --------Closing exchange rates Sterling £/$ 1.92 1.79------------------------- ----------- ----- -------- -------- SA Rand R/$ 5.69 6.68------------------------- ----------- ----- -------- -------- The Rand continued to strengthen during the period with a 15% movement in theperiod-end rate and a 12% appreciation in the average rate achieved. The current outlook for the year as a whole remains in line with the guidanceprovided to the market in the press release on 17 December 2004. End Press enquiries: John Robinson, Lonmin Plc +44 (0)20 7201 6034 Anthony Cardew, Cardew Group +44 (0)20 7930 0777 This press release is available on www.lonmin.com This information is provided by RNS The company news service from the London Stock Exchange

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