24th Jan 2005 07:00
Lonmin PLC24 January 2005 Lonmin Plc Smelter Resumes Normal Operations, Insurance Claims Settled Lonmin Plc announces today that the repairs to its No. 1 smelter at its PlatinumGroup Metals operations in South Africa have now been completed. The first mattewas tapped successfully on 20 January 2005. Operations are expected to performat normal levels from February onwards. The repair costs and additional running costs for the pyromet furnaces andtolling material have been contained within the $17m estimate indicated in thelast press release on 17 December 2004. Working capital and borrowing estimatesalso remain within the levels previously advised to the market. Lonmin also announces that settlements have been effected with underwriters inrespect of the insurance claims for the smelter explosion in 2002 and the theftclaim from 1999. The total proceeds of R129m have been received in full in cashand will be accounted for as a credit to costs in the accounts for the sixmonths to 31 March 2005. Press enquiries: Anthony Cardew, Cardew Group +44 (0) 7770 720389/ +44 (0)20 7930 0777 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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