23rd Apr 2009 07:00
Lonmin Plc
Second Quarter and First Half 2009
Production Report
Lonmin Plc, ("Lonmin" or "the company"), the world's third largest Platinum producer, today announces its production report for the three months and six months to 31 March 2009 (unaudited).
Q209 Production
Total tonnes mined for the second quarter of the 2009 financial year were 2.7 million, an 8% decline year-on-year. This was due to the planned closures of our Marikana opencast operations and our Baobab shaft at Limpopo.
Our underground Marikana mining operations produced 2.6 million tonnes during the second quarter of the 2009 financial year, a 7% increase from the same period last year, when production was impacted by the Eskom power outage in January 2008. The increase in production from the prior year period was supported by an improved performance from our conventional operations, which was achieved despite the disruption caused by the significant restructuring programme being carried out during the period. Production at Saffy and Hossy shafts continued to ramp up, whilst underground ore reserve development at Marikana continued to improve.
Our safety performance remained strong, with LTIFR at the end of 31 March 2009 improving 6% from the 2008 financial year. However, we regrettably suffered two fatalities during the quarter.
Total tonnes milled in the quarter increased 2% year-on-year to 2.8 million tonnes, reflecting increased production from Marikana and Pandora underground mining operations, and exceeded total tonnes mined, due to the milling of some opencast stock piles in the period. The remainder of these opencast stock piles and the further opencast tonnes from Pandora will be processed during the second half of the 2009 financial year.
The concentrators produced 164,909 saleable ounces of Platinum in concentrate for the quarter, a 5% increase from the second quarter in the 2008 financial year, reflecting increased production from underground Marikana operations and Pandora. Underground and overall concentrator recoveries improved to 81.4% and 80.6% respectively from the first quarter of the 2009 financial year, when underground and overall recoveries were 80.2% and 79.4% respectively.
Overall milled head grade was up 2% year-on-year to 4.68 grammes per tonne (5PGE+Au), whilst underground milled head grade increased marginally to 4.69 grammes per tonne (5PGE+Au). Encouragingly, underground head grade improved 5% from the first quarter of the 2009 financial year, reflecting in part the impact of management actions taken to tackle the unplanned dilution identified in the first quarter of 2009.
Refined production for the second quarter was 185,284 ounces of Platinum and 362,326 ounces of total PGMs, an increase of 45% and 41% respectively from the second quarter of the 2008 financial year. Metal sales during the second quarter of the 2009 financial year were 185,651 ounces of Platinum and 355,069 ounces of PGMs, increases of 30% and 26% respectively from the prior year period. This growth in refined production and sales partly reflected the improved contribution from our Marikana underground operations. Furthermore, the Process Division delivered an excellent performance during the second quarter and, ahead of our expectations, it processed the vast majority of the inventory built up during the planned re-build of the Number One furnace which tapped matte on 13 January 2009. Refined production and sales in the prior year period were more significantly impacted by a planned inspection and repair of the Number One furnace, following the Eskom power outage, which caused a build up of metal in process at that time.
H109 Production
Total tonnes mined during the first half of the 2009 financial year were 5.8 million tonnes, a 3% decline from 2008. This was due to the planned cessation of production at our Marikana opencast operations at the end of the first quarter of the 2009 financial year and production at our Baobab shaft at Limpopo being impacted by the winding down of the operation towards care and maintenance, as well as a 21 day wage related strike at Limpopo in the first quarter of the 2009 financial year.
In the first six months of the 2009 financial year we mined a total of 5.3 million tonnes of ore from our core underground Marikana operations, an increase of 7% on the same period last year. This was due to an improved performance from our conventional sections with production rising in both the first and second quarters of the 2009 financial year from the same periods in 2008. Production from Saffy and Hossy shafts also increased during the first half of the 2009 financial year, from 2008.
The concentrators produced a total of 338,142 saleable ounces of Platinum in concentrate in the first half of the 2009 financial year, a 3% year-on-year decline, mainly as a result of the planned operational changes at our Marikana opencast and Limpopo operations, as mentioned above. Overall concentrator recoveries improved during the first half of the 2009 financial year to 80.0% from 78.8% in the first half of 2008, partly due to reduced levels of low grade opencast stock piles being processed during the first half of the 2009 financial year compared to the prior year period. However, during the first half of the 2009 financial year, underground recoveries fell to 80.8%, from 81.5% in the first half of the 2008 financial year, partly as a result of undertaking extensive maintenance on some of our Marikana concentrators in the first quarter of the 2009 financial year.
Overall milled head grade improved 2% year-on-year to 4.58 grammes per tonne (5PGE+Au), mainly due to higher levels of low grade opencast stock piles processed during the first half of the 2008 financial year which had an adverse impact on grade at that time. Underground milled head grade was 3% lower year-on-year at 4.57 grammes per tonne (5PGE+Au) as a result of an increased percentage of development ore coming from Hossy and Saffy and unplanned dilution on the UG2 reef horizon, as well as a lack of flexibility in face availability on the Merensky reef horizon, where some localised lower grade areas were encountered, particularly during the first quarter. However, management actions initiated to tackle the latter two issues have already started to have a positive impact, as evidenced by the sequential improvement in underground head grade delivered in the second quarter of the 2009 financial year.
Total refined production for the first half of the 2009 financial year was 318,219 ounces of Platinum and 606,145 of total PGMs, both up 13% from the same period in 2008, partly reflecting the improvement from our core Marikana underground operations during the first half of the 2009 financial year. In addition, refined production during the first half of the 2008 financial year was adversely impacted by a build up of metal in process, partly due to the planned inspection and repair of the Number One furnace, following the Eskom power outage in January 2008.
During the first half of the 2009 financial year, our Process Division delivered an excellent performance and processed the vast majority of the inventory built up during the planned re-build of the Number One furnace in the first quarter. Final metal sales for the first half of the 2009 financial year were 311,853 ounces of Platinum and 583,873 ounces of total PGMs, up 8% and 5% respectively on the same period in 2008.
2009 Sales Guidance
We maintain our sales guidance for the 2009 financial year of around 700,000 Platinum ounces.
Platinum sales in the first half of the 2009 financial year were around 45% of the full year Platinum sales target for our core Marikana operations, which we first published in November 2008, and this was ahead of our initial expectations for the period. The key driver of this was the performance of the Process Division, where metal in process inventory was drawn down faster than had been expected following the Number One furnace re-build during the first quarter of the 2009 financial year.
For the second half of the 2009 financial year, management will be focused on minimising the possible disruption resulting from the execution of our significant restructuring programme, particularly as crews are redeployed around the Marikana property, and the closure of a small uneconomic decline shaft and a further five uneconomic half levels at Marikana as part of this restructuring programme. In addition, the continuing ramp up of Saffy shaft is a key area of focus. It is anticipated that any impact of these factors on production and sales will be compensated for by the normalising of metal in process inventory from the Process Division.
Update on restructuring
Further to our announcement on 24 February 2009, we have now essentially completed a major restructuring exercise at our Marikana and Limpopo operations. Further details, including expected annual cost savings and one-off costs, will be disclosed at our Interim Results on 11 May 2009.
Debt re-financing
We have completed a $575m debt re-financing package, comprising a $250m revolving credit facility and a $150m amortising term loan both maturing in November 2012 in the UK and a $175m revolving credit facility in South Africa, maturing in November 2010. This re-financing significantly lengthens the tenure of the company's banking facilities.
ENQUIRIES:
Investors / Analysts:
Rob Gurner +44 (0) 207 201 6050
Head of Investor Relations
Media:
Cardew Group +44 (0) 207 930 0777
Anthony Cardew / Rupert Pittman
Financial Dynamics +27 (0) 21 487 9000
Dani Cohen / Ravin Maharaj
|
|
|
|
|
|
3 months to
31st
March
|
3 months to
31st
March
|
|
6 months
to
31st
March
|
6 months to
31st
March
|
||
|
|
|
|
|
|
2009
|
2008
|
|
2009
|
2008
|
||
|
Tonnes mined
|
Marikana
|
Underground - conventional
|
000
|
2,184
|
2,174
|
|
4,487
|
4,349
|
|||
|
|
Underground - M&A1
|
000
|
400
|
252
|
|
771
|
552
|
||||
|
|
Underground - total
|
000
|
2,584
|
2,426
|
|
5,258
|
4,901
|
||||
|
|
Opencast
|
000
|
13
|
255
|
|
229
|
624
|
||||
|
|
Total
|
000
|
2,598
|
2,681
|
|
5,488
|
5,525
|
||||
|
Limpopo
|
Underground
|
000
|
0
|
126
|
|
87
|
264
|
||||
|
|
Opencast
|
000
|
0
|
0
|
|
0
|
0
|
||||
|
|
Total
|
000
|
0
|
126
|
|
87
|
264
|
||||
|
Pandora attributable2
|
Underground
|
000
|
37
|
34
|
|
71
|
68
|
||||
|
Opencast
|
000
|
41
|
54
|
|
110
|
101
|
|||||
|
|
Total
|
000
|
78
|
88
|
|
181
|
169
|
||||
|
Lonmin Platinum
|
Underground
|
000
|
2,621
|
2,586
|
|
5,417
|
5,233
|
||||
|
Opencast
|
000
|
55
|
309
|
|
339
|
725
|
|||||
|
ERROR
|
Total
|
000
|
2,676
|
2,895
|
|
5,756
|
5,958
|
||||
|
|
|
|
|
|
|
|
|
|
|
||
|
Tonnes milled3
|
Marikana
|
Underground
|
000
|
2,462
|
2,335
|
|
5,124
|
4,844
|
|||
|
|
Opencast
|
000
|
78
|
157
|
|
194
|
719
|
||||
|
|
Total
|
000
|
2,540
|
2,491
|
|
5,319
|
5,563
|
||||
|
Limpopo
|
Underground
|
000
|
0
|
78
|
|
92
|
207
|
||||
|
|
Opencast
|
000
|
0
|
0
|
|
0
|
0
|
||||
|
|
Total
|
000
|
0
|
78
|
|
92
|
207
|
||||
|
Pandora4
|
Underground
|
000
|
88
|
78
|
|
168
|
159
|
||||
|
|
Opencast
|
000
|
126
|
64
|
|
251
|
192
|
||||
|
|
Total
|
000
|
214
|
142
|
|
419
|
351
|
||||
|
Ore purchases5
|
Underground
|
000
|
0
|
0
|
|
0
|
0
|
||||
|
|
Opencast
|
000
|
0
|
0
|
|
0
|
30
|
||||
|
|
Total
|
000
|
0
|
0
|
|
0
|
30
|
||||
|
Lonmin Platinum
|
Underground
|
000
|
2,550
|
2,491
|
|
5,384
|
5,210
|
||||
|
Head grade6
|
g/t
|
4.69
|
4.68
|
|
4.57
|
4.72
|
|||||
|
Recovery rate7
|
%
|
81.4%
|
81.5%
|
|
80.8%
|
81.5%
|
|||||
|
Opencast
|
000
|
205
|
221
|
|
445
|
941
|
|||||
|
|
Head grade6
|
g/t
|
4.61
|
3.62
|
|
4.68
|
3.18
|
||||
|
|
Recovery rate7
|
%
|
71.3%
|
54.6%
|
|
70.6%
|
56.8%
|
||||
|
|
Total
|
000
|
2,754
|
2,711
|
|
5,829
|
6,151
|
||||
|
|
|
|
Head grade6
|
g/t
|
4.68
|
4.59
|
|
4.58
|
4.48
|
||
|
|
|
|
Recovery rate7
|
%
|
80.6%
|
79.8%
|
|
80.0%
|
78.8%
|
||
|
|
|
|
|
|
3 months to
31st
March
|
3 months to 31st March
|
|
6 months
to
31st
March
|
6 months to
31st
March
|
||
|
|
|
|
|
|
2009
|
2008
|
|
2009
|
2008
|
||
|
Metals in concentrate8
|
Marikana
|
Platinum
|
oz
|
151,168
|
147,414
|
|
308,617
|
319,543
|
|||
|
|
Palladium
|
oz
|
70,285
|
67,814
|
|
143,110
|
146,474
|
||||
|
|
Gold
|
oz
|
3,444
|
3,851
|
|
7,057
|
8,522
|
||||
|
|
Rhodium
|
oz
|
21,191
|
20,092
|
|
43,000
|
43,328
|
||||
|
|
Ruthenium
|
oz
|
32,617
|
30,828
|
|
66,454
|
66,680
|
||||
|
|
Iridium
|
oz
|
7,110
|
6,573
|
|
14,520
|
13,945
|
||||
|
|
Total PGMs
|
oz
|
285,815
|
276,572
|
|
582,759
|
598,492
|
||||
|
|
Nickel9
|
MT
|
642
|
685
|
|
1,321
|
1,493
|
||||
|
|
Copper9
|
MT
|
405
|
413
|
|
825
|
906
|
||||
|
Limpopo
|
Platinum
|
oz
|
0
|
3,062
|
|
3,770
|
8,589
|
||||
|
|
Palladium
|
oz
|
0
|
2,618
|
|
3,331
|
6,493
|
||||
|
|
Gold
|
oz
|
0
|
213
|
|
243
|
620
|
||||
|
|
Rhodium
|
oz
|
0
|
357
|
|
487
|
894
|
||||
|
|
Ruthenium
|
oz
|
0
|
498
|
|
688
|
1,302
|
||||
|
|
Iridium
|
oz
|
0
|
116
|
|
159
|
274
|
||||
|
|
Total PGMs
|
oz
|
0
|
6,864
|
|
8,679
|
18,172
|
||||
|
|
Nickel9
|
MT
|
0
|
67
|
|
76
|
175
|
||||
|
|
Copper9
|
MT
|
0
|
46
|
|
54
|
120
|
||||
|
Pandora4
|
Platinum
|
oz
|
13,742
|
6,698
|
|
25,754
|
17,825
|
||||
|
|
Palladium
|
oz
|
6,194
|
3,075
|
|
11,601
|
8,148
|
||||
|
|
Gold
|
oz
|
110
|
50
|
|
202
|
133
|
||||
|
|
Rhodium
|
oz
|
1,909
|
962
|
|
3,566
|
2,478
|
||||
|
|
Ruthenium
|
oz
|
2,789
|
1,413
|
|
5,216
|
3,676
|
||||
|
|
Iridium
|
oz
|
515
|
239
|
|
971
|
615
|
||||
|
|
Total PGMs
|
oz
|
25,259
|
12,436
|
|
47,310
|
32,875
|
||||
|
|
Nickel9
|
MT
|
13
|
10
|
|
25
|
25
|
||||
|
|
Copper9
|
MT
|
8
|
4
|
|
15
|
11
|
||||
|
Ore
|
Platinum
|
oz
|
0
|
104
|
|
0
|
937
|
||||
|
purchases5
|
Palladium
|
oz
|
0
|
(141)
|
|
0
|
793
|
||||
|
|
Gold
|
oz
|
0
|
(13)
|
|
0
|
74
|
||||
|
|
Rhodium
|
oz
|
0
|
25
|
|
0
|
83
|
||||
|
|
Ruthenium
|
oz
|
0
|
57
|
|
0
|
107
|
||||
|
|
Iridium
|
oz
|
0
|
10
|
|
0
|
25
|
||||
|
|
Total PGMs
|
oz
|
0
|
42
|
|
0
|
2,019
|
||||
|
|
Nickel9
|
MT
|
0
|
4
|
|
0
|
16
|
||||
|
|
Copper9
|
MT
|
0
|
2
|
|
0
|
11
|
||||
|
Lonmin Platinum
|
Platinum
|
oz
|
164,909
|
157,277
|
|
338,142
|
346,894
|
||||
|
Palladium
|
oz
|
76,479
|
73,366
|
|
158,042
|
161,908
|
|||||
|
|
Gold
|
oz
|
3,554
|
4,101
|
|
7,503
|
9,349
|
||||
|
|
Rhodium
|
oz
|
23,100
|
21,436
|
|
47,053
|
46,783
|
||||
|
|
Ruthenium
|
oz
|
35,406
|
32,796
|
|
72,358
|
71,765
|
||||
|
|
Iridium
|
oz
|
7,625
|
6,938
|
|
15,649
|
14,859
|
||||
|
|
Total PGMs
|
oz
|
311,074
|
295,914
|
|
638,748
|
651,558
|
||||
|
|
Nickel9
|
MT
|
655
|
766
|
|
1,422
|
1,709
|
||||
|
|
Copper9
|
MT
|
412
|
465
|
|
894
|
1,048
|
||||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
3 months to
31st
March
|
3 months to
31st
March
|
|
6 months
to
31st
March
|
6 months to
31st
March
|
||
|
|
|
|
|
|
2009
|
2008
|
|
2009
|
2008
|
||
|
Metallurgy
|
Lonmin refined
metal
production
|
Platinum
|
oz
|
184,969
|
128,124
|
|
317,904
|
282,650
|
|||
|
|
|
Palladium
|
oz
|
86,637
|
65,956
|
|
147,393
|
128,140
|
|||
|
|
|
Gold
|
oz
|
5,151
|
6,042
|
|
8,647
|
9,563
|
|||
|
|
|
Rhodium
|
oz
|
25,939
|
21,179
|
|
44,688
|
42,437
|
|||
|
|
|
Ruthenium
|
oz
|
47,614
|
31,232
|
|
72,952
|
62,763
|
|||
|
|
|
Iridium
|
oz
|
9,935
|
5,284
|
|
12,479
|
10,577
|
|||
|
|
|
Total PGMs
|
oz
|
360,245
|
257,816
|
|
604,063
|
536,128
|
|||
|
|
|
Toll refined
metal
production
|
Platinum
|
oz
|
315
|
0
|
|
315
|
0
|
||
|
|
|
Palladium
|
oz
|
0
|
0
|
|
0
|
0
|
|||
|
|
|
Gold
|
oz
|
0
|
0
|
|
0
|
0
|
|||
|
|
|
Rhodium
|
oz
|
573
|
0
|
|
573
|
0
|
|||
|
|
|
Ruthenium
|
oz
|
1,009
|
0
|
|
1,009
|
0
|
|||
|
|
|
Iridium
|
oz
|
184
|
0
|
|
184
|
0
|
|||
|
|
|
Total PGMs
|
oz
|
2,081
|
0
|
|
2,081
|
0
|
|||
|
|
|
Total
refined
PGMs
|
Platinum
|
oz
|
185,284
|
128,124
|
|
318,219
|
282,650
|
||
|
|
|
Palladium
|
oz
|
86,637
|
65,956
|
|
147,393
|
128,140
|
|||
|
|
|
Gold
|
oz
|
5,151
|
6,042
|
|
8,647
|
9,563
|
|||
|
|
|
Rhodium
|
oz
|
26,512
|
21,179
|
|
45,261
|
42,437
|
|||
|
|
|
Ruthenium
|
oz
|
48,623
|
31,232
|
|
73,961
|
62,763
|
|||
|
|
|
Iridium
|
oz
|
10,119
|
5,284
|
|
12,663
|
10,577
|
|||
|
|
|
Total PGMs
|
oz
|
362,326
|
257,816
|
|
606,145
|
536,128
|
|||
|
|
|
Base
|
Nickel10
|
MT
|
869
|
508
|
|
1,632
|
1,323
|
||
|
|
|
metals
|
Copper10
|
MT
|
579
|
286
|
|
1,079
|
795
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Sales
|
Refined
metal
sales
|
Platinum
|
oz
|
187,250
|
140,875
|
|
313,671
|
284,731
|
|||
|
Palladium
|
oz
|
92,439
|
70,662
|
|
147,184
|
133,991
|
|||||
|
Gold
|
oz
|
5,940
|
4,916
|
|
9,318
|
9,208
|
|||||
|
Rhodium
|
oz
|
21,636
|
21,818
|
|
38,739
|
43,537
|
|||||
|
Ruthenium
|
oz
|
41,833
|
33,374
|
|
67,501
|
65,941
|
|||||
|
Iridium
|
oz
|
9,392
|
6,088
|
|
12,500
|
11,720
|
|||||
|
Total PGMs
|
oz
|
358,490
|
277,732
|
|
588,913
|
549,127
|
|||||
|
Concentrate and other11
|
Platinum
|
oz
|
(1,600)
|
2,478
|
|
(1,818)
|
4,233
|
||||
|
Palladium
|
oz
|
(1,822)
|
1,095
|
|
(3,222)
|
1,833
|
|||||
|
Gold
|
oz
|
0
|
55
|
|
0
|
97
|
|||||
|
Rhodium
|
oz
|
0
|
534
|
|
0
|
758
|
|||||
|
Ruthenium
|
oz
|
0
|
628
|
|
0
|
990
|
|||||
|
Iridium
|
oz
|
0
|
137
|
|
0
|
240
|
|||||
|
Total PGMs
|
oz
|
(3,421)
|
4,926
|
|
(5,039)
|
8,150
|
|||||
|
Lonmin Platinum
|
Platinum
|
oz
|
185,651
|
143,352
|
|
311,853
|
288,963
|
||||
|
Palladium
|
oz
|
90,617
|
71,756
|
|
143,962
|
135,823
|
|||||
|
|
Gold
|
oz
|
5,940
|
4,971
|
|
9,318
|
9,305
|
||||
|
|
Rhodium
|
oz
|
21,636
|
22,352
|
|
38,739
|
44,295
|
||||
|
|
Ruthenium
|
oz
|
41,833
|
34,002
|
|
67,501
|
66,931
|
||||
|
|
Iridium
|
oz
|
9,392
|
6,225
|
|
12,500
|
11,960
|
||||
|
|
Total PGMs
|
oz
|
355,069
|
282,658
|
|
583,873
|
557,277
|
||||
|
|
Nickel10
|
MT
|
693
|
413
|
|
1,368
|
1,216
|
||||
|
|
Copper10
|
MT
|
503
|
376
|
|
907
|
805
|
||||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
3 months to 31st March
|
3 months to 31st March
|
|
6 months
to 31st
March
|
6 months to 31stMarch |
||
|
|
|
|
|
|
2009
|
2008
|
|
2009
|
2008
|
||
|
Prices
|
Average
|
Platinum
|
$/oz
|
991
|
1,734
|
|
947
|
1,578
|
|||
|
|
Palladium
|
$/oz
|
195
|
431
|
|
192
|
396
|
||||
|
|
Gold
|
$/oz
|
901
|
908
|
|
871
|
853
|
||||
|
|
Rhodium
|
$/oz
|
1,099
|
7,853
|
|
1,650
|
7,121
|
||||
|
|
Ruthenium
|
$/oz
|
47
|
407
|
|
124
|
446
|
||||
|
|
Iridium
|
$/oz
|
384
|
428
|
|
393
|
424
|
||||
|
|
Basket price of PGMs12
|
$/oz
|
666
|
1,684
|
|
699
|
1,558
|
||||
|
|
Nickel10
|
$/MT
|
16,285
|
23,374
|
|
15,721
|
27,235
|
||||
|
|
Copper10
|
$/MT
|
6,953
|
8,042
|
|
6,062
|
6,936
|
||||
|
|
|
|
|
|
|
|
|
|
|
||
|
Exchange
Rates
|
Average rate for period
|
R/$
|
9.90
|
7.52
|
|
9.91
|
7.14
|
||||
|
Closing rate
|
|
R/$
|
9.49
|
8.08
|
|
9.49
|
8.08
|
||||
|
|
|
|
|
|
|
|
|
|
|
||
|
Notes:
|
|
|
|
|
|
|
|
1
|
M&A comprises ore produced by our fully mechanised shafts and from Saffy shaft, which is being transitioned to hybrid mining.
|
|||||
|
|
|
|
|
|
|
|
|
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
|
Head Grade is the grammes per tonne (5PGE + Au) value contained in the tonnes milled and fed into the concentrator from the mines (excludes slag milled).
|
|||||
|
|
|
|
|
|
|
|
|
7
|
Recovery rate in the concentrators is the total content produced divided by the total content milled (excluding slag).
|
|||||
|
|
|
|
|
|
|
|
|
8
|
Metals in concentrate includes slag and have been calculated at industry standard downstream processing losses.
|
|||||
|
|
|
|
|
|
|
|
|
9
|
Corresponds to contained base metals in concentrate.
|
|
|
|
||
|
|
|
|
|
|
|
|
|
10
|
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.
|
|||||
|
|
|
|
|
|
|
|
|
11
|
Concentrate and other sales have been adjusted to a saleable ounces basis using standard industry recovery rates.
|
|||||
|
|
|
|
|
|
|
|
|
12
|
Basket price of PGMs is based on the revenue generated from the actual PGMs sold in the period.
|
|||||
|
|
|
|
|
|
|
|
Related Shares:
Lonmin