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LONMIN PLC - Regulatory Release - Inter-governmental technical task team dissolved

Release Date: 10/06/2014 07:05
Code(s): LON     PDF:  
Wrap Text
Regulatory Release - Inter-governmental technical task team dissolved

Lonmin Plc (Incorporated in England and Wales)
(Registered in the Republic of South Africa under registration number 1969/000015/10)
JSE code: LON
Issuer Code: LOLMI & ISIN : GB0031192486 ("Lonmin")

REGULATORY RELEASE


10 June 2014


INTER-GOVERNMENTAL TECHNICAL TASK TEAM DISSOLVED
Producers pursue all options
The Board of Lonmin Plc (“Lonmin”) note the announcement made yesterday by platinum
producers Anglo American Platinum Limited (Amplats), Impala Platinum Holdings Limited
(Implats) and Lonmin that the talks facilitated by the Minister of Mineral Resources have
unfortunately been dissolved without an outcome. An Inter-Governmental Technical Task
Team, with representatives from the departments of Mineral Resources, Labour and
National Treasury was set up by the Minister on 28 May 2014, in an effort to resolve the
platinum wage strike, now in its 21st week.

The companies thanked the Minister of Mineral Resources, Advocate Ngoako Ramathlodi,
and Deputy Minister, Mr Godfrey Oliphant, and members of the Inter-Governmental
Technical Task Team for their initiatives and efforts.

During this process the producers have sought to arrive at a fair and sustainable settlement
that would preserve the future of the platinum industry and limit job losses in the country.
While the producers remain committed to a negotiated settlement, they will now review
further options available to them.

To date, the producers have forfeited earnings of R21.7 billion, while employees have
forfeited wages of around R9.6 billion.

On its own behalf, Lonmin would like to express its sincere thanks to the Minister of Mineral
Resources for the initiative and the Inter-Governmental Technical Team for the hard work
they contributed. Lonmin has throughout attempted to preserve jobs and to prevent a
continuation of a situation in which irresponsibility threatens the employment and
prosperity of its workforce.

ENQUIRIES

Investors / Analysts:
Lonmin

                                                                                               1
Tanya Chikanza                                     +44 20 7201 6007
Floyd Sibandze                                     +27 11 218 8300
Sue Vey                                            +27 72 644 9777



Media:
Cardew Group
Anthony Cardew / James Clark                       +44 20 7930 0777

Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd

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 operations 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.

Announcements relating to the situation can be found on Lonmin’s website at:
http://www.lonmin.com




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