8th Oct 2014 11:32
Lonmin Plc4 Grosvenor PlaceLondon SW1X 7YLUnited Kingdom
T: +44 (0)20 7201 6000F: +44 (0)20 7201 6100
www.lonmin.com
REGULATORY RELEASE
8 October 2014
Lonmin successfully ramps up to full production in 2 months
Lonmin is pleased to announce that it has successfully achieved completion of the return to full production earlier than forecast. Tonnes mined in both August and September 2014 exceeded production reported for the comparable months in 2013 which were 1.0 million tonnes in August 2013 and 1.04 million tonnes in September 2013. From August onwards, Lonmin has achieved steady-state production at normal levels.
Our successful ramp up has been accelerated by earlier and stronger levels of employees returning to work than had been previously expected resulting in a rapid, safe and efficient ramp-up of our operations and plants. Excellent attendance levels have continued and Lonmin has experienced strong performance across all our operations. Prudent cash and balance sheet management has enabled return to full production to be completed well within the Company's existing financial resources.
Lonmin is pleased with the ongoing strong response from its entire workforce and in August announced the restructure of its senior executive management team to facilitate the forward momentum of the Company, which is proving effective. The three-year wage settlement achieved in July continues to facilitate a constructive relationship with all employees.
Lonmin will update the market in greater detail when it releases its Q4 Production Report and announces its Final Results on 10 November 2014.
- ENDS -
ENQUIRIES
Investors / Analysts:
Lonmin
Tanya Chikanza Floyd Sibandze | +27 11 218 8300 / +44 20 7201 6007 +27 11 218 8300 |
Media:
Cardew Group Anthony Cardew / James Clark Sue Vey |
+44 20 7930 0777 +27 72 644 9777 |
Notes to editors
Lonmin, which is listed on both the London Stock Exchange and the Johannesburg Stock Exchange, is one of the world's largest primary producers of PGMs. These metals are essential for many industrial applications, especially catalytic converters for internal combustion engine emissions, as well as their widespread use in jewellery.
Lonmin's producing assets are situated in the Bushveld Complex in South Africa, where nearly 80% of known global PGM resources are found.
The Company creates value for shareholders through mining, refining and marketing PGMs and has a vertically integrated operational structure - from mine to market. Lonmin's mining operations extract ore from which the Process Division produces refined PGMs for delivery to customers. Underpinning the operations is the Shared Services function which provides high quality levels of support and infrastructure across the operations.
For further information please visit our website: http://www.lonmin.com
Related Shares:
Lonmin