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LONMIN PLC - 2016 Q3 Production Report and Business update

Release Date: 01/08/2016 08:00
Code(s): LON     PDF:  
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2016 Q3 Production Report and Business update

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

1 August 2016

Third Quarter 2016 Production Report and Business Update

Lonmin Plc (“Lonmin” or “the Company”), one of the world’s largest primary platinum producers, today
announces its production results for the quarter ended 30 June 2016 (unaudited) and a business update. Ben
Magara, Chief Executive Officer, said: ‘Another good quarter in a challenging operating environment. Again I am
pleased that we continue to focus and execute on our committed strategy.’

Third Quarter Highlights
- LTIFR improved by 4.5%. Sadly two colleagues were fatally injured. We declared and held a Tripartite Safety
    Day on 14 July, in conjunction with the Department of Mineral Resources (DMR) and The Association of
    Mineworkers and Construction Union (AMCU)
- Mined Platinum ounces up 3.3% to 166,581, notwithstanding the rationalisation of the workforce by 19%
    (compared to people as at 30 June 2015)
- Concentrator recoveries continue to be industry leading at 87%
- Produced 2.6 million tonnes from underground mining, broadly flat on Q3 2015
- Generation 2 shafts production up 8.7% to 2 million tonnes, and productivity up 6%
- Unit costs reduced by 2.2% year-on-year to R10,596 per PGM ounce (6E basis), in spite of RSA CPI of 6.3%
    and increased safety stoppages
- Average Rand full basket price (including base metals) up 9.2% on Q3 2015, at R11,864 per PGM ounce
- Refined production of 173,512 and sales of 162,725 Platinum ounces on track to achieve full-year guidance
- Net cash of $91 million as at 30 June 2016, after working capital and capital expenditure investment of $51
    million. Total Liquidity at 30 June 2016 was $451 million
                                                                                            3 months       3 months
                                                                                            to 30 Jun      to 30 Jun
                                                                                                2016           2015
      Tonnes                                                 Generation 2            kt            2 043         1 881
      mined1                                                 Generation 1            kt              526           698
                                                             Generation 3            kt                             18
                                                             Total underground       kt           2 569          2 597
                                                             Opencast                kt                             63
                           Lonmin (100%, incl Pandora)       Total tonnes mined      kt          2 569           2 659
                                                             % tonnes mined from     %           74.6%          74.0%
                                                             UG2 reef
                           Lonmin (attributable)             Total tonnes mined      kt          2 508          2 604
      Ounces               Lonmin (incl Pandora)             Platinum                oz        166 581        161 204
      mined3                                                 PGMs                    oz        320 514        310 051
      Tonnes                                                 Total                   kt          2 514          2 811
      milled4                                                Head grade6             g/t          4.68           4.40
                                                             Recovery rate7          %           87.0%          86.7%
      Metals-in-                                             Platinum                oz        164 647        172 672
      concentrate8                                           Total PGMs              oz        316 480        332 355
      Sales                                                  Platinum                oz        162 725        231 778
      refined metal                                          Total PGMs              oz        315 091        437 160
      Average prices       $ basket incl. by-product revenue12                      $/oz           796            907
                           R basket incl. by-product revenue12                     ZAR/oz       11 864         10 861
      Exchange rate        Average rate for period13                               ZAR/$         14.99          12.08




                                                                 1
Unit costs   Cost of production per PGM ounce       ZAR/oz   10 596   10 839




                                                2
Third Quarter Production Overview

      Safety
      - The 12 month rolling LTIFR to 30 June improved by 4.5% to 4.87 per million man hours from 5.10 at 31
          March.
      - Regrettably, two colleagues were fatally injured in April and May, and after the period end there was
          another fatality at our E3 shaft in July.
      - We have intensified our focus on a number of safety initiatives through visible felt leadership and direct
          employee engagement. This includes continued focus on Fatal Risk Control Protocols relating to Fall of
          Ground and Scraping & Rigging; mining industry occupational safety and health initiatives (MOSH); hands
          and finger injury prevention campaigns; cross-site safety audits; the roll out of people and vehicle detection
          systems; compliance audits on contractors and contractor management; and training through on-the-job
          team coaching and leadership coaching sessions.
      - We also declared and held a Tripartite Safety Day on 14 July at Rowland and E3 shafts, incorporating our key
          stakeholders including the DMR and AMCU, in our continuing efforts to prioritise improving safety
          performance. Alongside the Company, the focus on safety was also reiterated to employees by Mr Joseph
          Mathunjwa, the President of AMCU, and Mr Monageng Mothiba, Principal Inspector of Mines for the
          Rustenburg region and our CEO.
      - Our safety strategy is centred on the belief that zero harm is achievable and important contributions are
          required from all stakeholders to achieve it.

      Mining Operations
      The Marikana underground mining operations (including Pandora) produced 2.6 million tonnes during the third
      quarter, a decrease of 1.1% or 28,000 tonnes on the prior year period, reflecting the planned decrease in
      production from the Generation 1 shafts in line with our strategy to reduce high cost production in a low price
      environment. Mine production was also impacted by the Section 54 safety stoppages associated with the
      fatalities.

      This production level was achieved in spite of the rationalisation of the workforce by 19% or 6,861 people as at
      30 June 2015, comprising a reduction of 5,433 employees and contractors and the efficient reskilling and
      redeployment into vacant roles of 1,428 employees. The vacancies were predominantly as a result of a
      deliberate freeze on recruitment and losses due to natural attrition.

      Generation 2 shafts
      Production from our core Generation 2 shafts (K3, Rowland, Saffy and 4B/1B) was 2 million tonnes, an increase
      of 8.7% on Q3 2015 and accounted for 80% of total tonnes mined, emphasizing our continued focus on
      improving productivity at these shafts, which make up Lonmin’s future.
      -    Saffy shaft produced 518,000 tonnes, an increase of 19.5% on Q3 2015 as this shaft is now running at full
           production.
      -    4B/1B produced 427,000 tonnes, an increase of 16% on Q3 2015, despite the closure of 1B shaft in October
           2015. (1B produced 52 000 tonnes in Q3 2015).
      -    K3 produced 661,000 tonnes, an increase of 9.4% on Q3 2015.
      -    Rowland shaft produced 437,000 tonnes, a decrease of 38,000 tonnes or 7.9% on Q3 2015. Production
           losses of 53,000 tonnes occurred mainly due to section 54 stoppages following the unfortunate fatality at
           this shaft.

      Productivity at our Generation 2 shafts at 5.8 square metres per mining employee for Q3 YTD 2016 improved by
      6% on Q3 YTD 2015. The increase in productivity is mainly due to labour rationalisation at these shafts, our
      Theory of Constraints (TOC) initiatives and a drive to reduce absenteeism.

      Generation 1 shafts
      In line with the Group’s rationalisation of high cost areas, production from our Generation 1 shafts (Hossy,
      Newman, W1, E1, E2, E3 and Pandora (100%)) at 526,000 tonnes was 24.7% lower than Q3 2015. These shafts
      are managed as a coherent unit, which provides better flexibility to retain/close them, depending on their profit
      contribution to the Company.




                                                             3
Ore reserves
Operational flexibility was preserved with the immediately available ore reserve position of 3.9 million square
metres at the end of Q3 2016, or 22 months average production.

Production Losses
A total of some 243,000 tonnes of production was lost in the quarter due to Section 54 safety stoppages
compared to 260,000 tonnes in Q3 2015. This sustained level of lost production is disappointing. We believe
safety is a proxy for good performance and the board and management have implemented the safety initiatives
highlighted above most importantly to improve safety and to reduce production losses.

                                                                        Q3 2016                   Q3 2015
                                                                         Tonnes                    Tonnes
       Section 54 safety stoppages                                      243,000                   260,000
       Management induced safety stoppages and other                     68,000                    41,000
       Total tonnes lost                                                311,000                   301,000

Process Operations
Milling production in the quarter of 2.5 million tonnes was in line with tonnes mined of 2.6 million tonnes, but
10.6% lower than the 2.8 million milled in Q3 2015, as a result of an ore stockpile that was milled in 2015.
However, mined saleable ounces increased by 3.3% to 166,581 and the platinum production (Metal in
Concentrate) was only 4.6% lower and the PGMs in concentrate were only 4.8% lower than Q3 2015 due to an
improvement in underground grade.

Underground milled head grade at 4.69 grammes per tonnes (5PGE+Au) increased by 5.9% when compared to
the 4.42 grammes per tonne achieved in Q3 2015 due to improved ore mix. The overall milled head grade was
4.68 grammes per tonne, up 6.4% on the prior year period due to the decrease in lower grade opencast ore.

Concentrator recoveries for the quarter continue to be excellent and industry leading at 87.0%.

Total refined Platinum production at 173,512 ounces was 28.1% lower than Q3 2015, but in line with the plan
and the Q2 2016 refined Platinum production of 177,444 ounces. Total PGMs produced were 348,712 ounces, a
decrease of 22.7% on Q3 2015. Total PGM production in Q3 2015 was the highest volume refined in a single
quarter since Q4 2013, as a result of the release of built-up metal stock following the repairs and reopening of
Number One furnace in March 2015 and reopening of Number Two furnace in January 2015.

Refined Platinum production benefited from the smelter clean-up project, which released 8,865 ounces during
the quarter. The Other Precious Metals Plant, which was commissioned in H1 2016, significantly increased the
production of Rhodium and Iridium due to improved recoveries and pipeline shortening. As a result, total refined
Rhodium production at 35,120 ounces was higher than the saleable Rhodium-in-concentrate of 23,825 ounces
and total refined Iridium production at 10,459 ounces was higher than the saleable Iridium-in-concentrate of
8,101 ounces.

Sales & Pricing
Platinum sales for the quarter at 162,725 ounces were slightly lower than refined production to accommodate
customer delivery schedules. This was a decrease of 29.8% or 69,054 ounces compared with Q3 2015, when the
refined production was extremely high due to the release of built-up stock following the smelter outages during
2015. PGM sales were 315,091 ounces, down 27.9% on the comparatively high Q3 2015 sales.

The US Dollar basket price (including base metal revenue) at $796 per ounce during the quarter was down 12.2%
on Q3 2015 while the corresponding Rand basket price (R11,864 per ounce) was 9.2% higher than the prior year
period and 7.5% higher than Q2 2016 impacted by the Rand weakness. The average Rand to US Dollar exchange
rate was 24.2% weaker at 14.99 compared to 12.08 in Q3 2015.

Unit costs
Unit costs for the quarter were contained to R10,596 per PGM ounce, a year on year decrease of 2.2%,
demonstrating the success of the cost cutting programme outlined in our business plan, notwithstanding



                                                       4
increased safety stoppages and despite the 8.2% year on year increase in labour costs and the RSA CPI of 6.3%
for June 2016.




                                                     5
Wage negotiations update
We have entered into negotiations with AMCU for wage increases effective 1 July 2016. The negotiations have
started well and have been constructive as we have been working closely with our employees and unions. Union
membership remains stable with AMCU representing 80% and 90.7% of overall Company employees and
category 4-9 employees respectively.

Bulk tailings treatment
We have secured third party funding for the Bulk Tailings Treatment project. All material agreements are being
finalised and we have obtained consent from Lonmin’s lending banks to proceed with this transaction. We are
now finalising the remaining supporting documentation and expect to have access to the first tranche of project
funding thereafter.

FTSE4Good index series
Lonmin is pleased to advise that it has been confirmed a constituent of the FTSE4Good Index Series following the
review of our strong environmental, social and governance practices.

Kenya JV
Lonmin is pleased to announce that it has entered into an agreement with Acacia Mining plc to dispose of the
49% stake in West Kenya JV for a cash consideration of $5 million. This is in line with our strategy of divesting
non-core assets and maximising cash to focus on our core platinum operations.

Outlook and Guidance

The period we are reporting on has been marked by complex and competing themes as the operating
environment has remained challenging. Whilst we are pleased with the implementation of our business plan, we
have yet to fully harness the associated benefits and productivity gains. As the disruption created by the
employee and contractor rationalisation process settles down we expect the mining teams to return to the long
run target levels of production with the objective of improving cash generation.

Historically, the fourth quarter of our financial year which has the most uninterrupted working days, is our
strongest, on the back of a smooth uninterrupted mining production run. We are, however, conscious of a
number of events occurring during this year’s fourth quarter, including local government elections, wage
negotiations, and various holidays, which have the potential to interfere with production. We will monitor these
events closely to reduce the impact on production and ultimately unit costs.

We remain focused on addressing the root causes of safety incidents as demonstrated by the Tripartite Safety
Day we held on 14 July 2016 with our stakeholders and on reducing absenteeism.

In light of the above, we anticipate achieving unit costs in FY16 of between R10,400 and R10,700 per PGM
ounce.

We expect to achieve our Platinum sales guidance of 700,000 ounces for the year.

Capital expenditure guidance remains unchanged at $105 million, although this could be impacted by currency
fluctuations.

                                                    - ENDS -




                                                       6
ENQUIRIES

Investors / Analysts:
Lonmin
Tanya Chikanza (Head of Investor Relations)    +27 11 218 8358 /+44 207 201 6007
Andrew Mari (Investor Relations Manager)        +27 11 218 8420

Media:
Cardew Group
Anthony Cardew / Emma Crawshaw                     +44 207 930 0777

Sue Vey                                            +27 60 523 7953


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 Igneous Complex in South Africa, where more than 70%
of known global PGM resources are located.

The Company creates value through mining, refining and marketing PGMs and has a vertically integrated
operational structure - from mine to market. 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




                                                   7
                                                                  3 months    3 months    9 months    9 months
                                                                  to 30 Jun   to 30 Jun   to 30 Jun   to 30 Jun
                                                                       2016        2015        2016        2015
                1
Tonnes mined        Generation 2       K3 Shaft             kt          661         604       1 979       1 940
                                       Rowland Shaft        kt          437         475       1 245       1 401
                                       Saffy Shaft          kt          518         433       1 507       1 264
                                       4B/1B Shaft          kt          427         368       1 196       1 190
                                       Generation 2         kt        2 043       1 881       5 927       5 795
                    Generation 1       Hossy Shaft          kt          187         195         521         729
                                       Newman Shaft         kt           45         192         290         592
                                       W1 Shaft             kt           41          45         129         134
                                       East 1 Shaft         kt           39          37         109         111
                                       East 2 Shaft         kt           73          99         227         293
                                       East 3 Shaft         kt           20          19          43           51
                                                      2
                                       Pandora (100%)       kt          123         110         387         420
                                       Generation 1         kt          526         698       1 705       2 330
                    Generation 3       K4 Shaft             kt                       18           0           41
                                       Total underground    kt       2 569        2 597       7 632       8 166
                                       Opencast             kt                       63          10         171
                    Lonmin (100%)      Total tonnes mined   kt       2 569        2 659       7 642       8 336
                                       (100%)
                                       % tonnes mined       %        74.6%       74.0%       75.7%       75.5%
                                       from UG2 reef
                    Lonmin             Underground &        kt       2 508       2 604       7 448        8 117
                    (attributable)     Opencast
                3
Ounces mined        Lonmin excluding   Platinum             oz     157 984     154 040     461 351      492 585
                    Pandora
                    Pandora (100%)     Platinum             oz       8 597       7 164      26 657       28 279
                    Lonmin             Platinum             oz     166 581     161 204     488 008      520 864
                    Lonmin excluding   PGMs                 oz     303 620     295 889     885 706      944 707
                    Pandora
                    Pandora (100%)     PGMs                 oz      16 893      14 162      52 318       55 774
                    Lonmin             PGMs                 oz     320 514     310 051     938 024    1 000 481
                4
Tonnes milled       Marikana           Underground          kt       2 382       2 642       7 107        8 127
                                       Opencast             kt           9          59          60          266
                                       Total                kt       2 391       2 701       7 166        8 393
                           5
                    Pandora            Underground          kt         123         110         387          438
                    Lonmin Platinum    Underground          kt       2 505       2 752       7 494        8 565
                                                  6
                                       Head grade           g/t       4.69        4.42        4.61         4.52
                                                    7
                                       Recovery rate         %       87.0%       86.7%       86.9%        86.9%
                                       Opencast             kt           9          59          60          266
                                                  6
                                       Head grade           g/t       3.04        3.12        2.81         3.08
                                                    7
                                       Recovery rate         %       83.8%       85.0%       83.9%        85.2%
                                       Total                kt       2 514       2 811       7 554        8 831
                                                  6
                                       Head grade           g/t       4.68        4.40        4.59         4.48
                                                    7
                                       Recovery rate         %       87.0%       86.7%       86.8%        86.9%




                                                        8
                                                        3 months    3 months    9 months    9 months
                                                        to 30 Jun   to 30 Jun   to 30 Jun   to 30 Jun
                                                             2016        2015        2016        2015
Metals-in-      Marikana          Platinum         oz     155 010     163 840     456 130     520 366
            8
concentrate                       Palladium        oz      72 516      76 956     212 642     241 143
                                  Gold             oz       3 730       3 818      10 953      12 232
                                  Rhodium          oz      22 302      23 729      65 952      76 595
                                  Ruthenium        oz      36 840      39 266     107 831     124 656
                                  Iridium          oz       7 572       7 800      21 556      24 327
                                  Total PGMs       oz     297 970     315 410     875 063     999 319
                                        9
                                  Nickel           MT         775         829       2 280       2 618
                                           9
                                  Copper           MT         477         515       1 403       1 620
                Pandora           Platinum         oz       8 597       7 164      26 657      29 375
                                  Palladium        oz       4 058       3 373      12 478      13 671
                                  Gold             oz          27          20          79         101
                                  Rhodium          oz       1 416       1 192       4 407       5 010
                                  Ruthenium        oz       2 315       2 024       7 235       8 212
                                  Iridium          oz         481         389       1 462       1 563
                                  Total PGMs       oz      16 893      14 162      52 318      57 932
                                        9
                                  Nickel           MT          21          16          79           63
                                           9
                                  Copper           MT           8           7          26           28
                Concentrate       Platinum         oz       1 039       1 667       3 304       4 916
                purchases         Palladium        oz         272         496       1 083       1 493
                                  Gold             oz           3           4          12           15
                                  Rhodium          oz         106         228         407         642
                                  Ruthenium        oz         147         294         620         839
                                  Iridium          oz          48          92         169         261
                                  Total PGMs       oz       1 616       2 783       5 596       8 166
                                        9
                                  Nickel           MT           0           1           2            2
                                           9
                                  Copper           MT           0           1           1            2
                Lonmin Platinum   Platinum         oz     164 647     172 672     486 091     554 657
                                  Palladium        oz      76 846      80 825     226 204     256 307
                                  Gold             oz       3 760       3 843      11 044      12 348
                                  Rhodium          oz      23 825      25 149      70 766      82 248
                                  Ruthenium        oz      39 301      41 584     115 686     133 707
                                  Iridium          oz       8 101       8 282      23 186      26 151
                                  Total PGMs       oz     316 480     332 355     932 977   1 065 417
                                         9
                                  Nickel           MT         796         846       2 360       2 684
                                           9
                                  Copper           MT         485         523       1 430       1 650




                                               9
                                                              3 months    3 months    9 months    9 months
                                                              to 30 Jun   to 30 Jun   to 30 Jun   to 30 Jun
                                                                   2016        2015        2016        2015
Refined      Lonmin refined         Platinum           oz       173 302     241 170     520 065     502 977
production   metal production       Palladium          oz        82 590     111 938     237 687     232 018
                                    Gold               oz         4 585       5 628      14 113      12 298
                                    Rhodium            oz        35 085      25 317      88 855      62 216
                                    Ruthenium          oz        42 268      61 388     120 691     122 310
                                    Iridium            oz        10 404       5 300      30 844      17 203
                                    Total PGMs         oz       348 233     450 742   1 012 255     949 021
             Toll refined metal     Platinum           oz           210                   2 331         496
             production             Palladium          oz           100                     599         186
                                    Gold               oz             4                      24            9
                                    Rhodium            oz            35         35          170           61
                                    Ruthenium          oz            75         79          640       2 024
                                    Iridium            oz            55         30           91         543
                                    Total PGMs         oz           479        144        3 856       3 320
             Total refined PGMs     Platinum           oz       173 512    241 170      522 396     503 473
                                    Palladium          oz        82 690    111 938      238 286     232 204
                                    Gold               oz         4 589      5 628       14 137      12 307
                                    Rhodium            oz        35 120     25 353       89 025      62 277
                                    Ruthenium          oz        42 343     61 467      121 331     124 334
                                    Iridium            oz        10 459      5 330       30 935      17 746
                                    Total PGMs         oz       348 712    450 885    1 016 110     952 341
                                          10
             Base metals            Nickel             MT           930      1 200        2 673       2 557
                                            10
                                    Copper             MT           519        710        1 531       1 495
Sales        Refined metal sales    Platinum           oz       162 725    231 778      524 607     497 719
                                    Palladium          oz        77 134    108 745      239 879     232 993
                                    Gold               oz         4 200      4 560       14 845      11 610
                                    Rhodium            oz        28 122     26 369       89 283      57 558
                                    Ruthenium          oz        31 511     61 207      113 605     134 807
                                    Iridium            oz        11 400      4 500       32 142      17 220
                                    Total PGMs         oz       315 091    437 160    1 014 360     951 907
                                          10
                                    Nickel             MT           744        775        2 525       2 276
                                            10
                                    Copper             MT           563        402        1 641       1 186
                                             10
                                    Chrome             MT       277 489    350 839    1 030 468   1 118 252
Average      Platinum                                 $/oz        1 005      1 114          936       1 153
prices       Palladium                                $/oz          565        756          556         771
             Gold                                     $/oz        1 510      1 468        1 404       1 494
             Rhodium                                  $/oz          673      1 036          684       1 116
                                                11
             $ basket excl. by-product revenue        $/oz          760        869          716         894
                                               12
             $ basket incl. by-product revenue        $/oz          796        907          755         950
                                                11
             R basket excl. by-product revenue        R/oz       11 321     10 408       10 682      10 430
                                               12
             R basket incl. by-product revenue        R/oz       11 864     10 861       11 242      11 079
                   10
             Nickel                                   $/MT        7 215     11 071        7 026      11 857
                     10
             Copper                                   $/MT        4 637      6 049        4 524       6 072
                                     13
Exchange     Average rate for period                 ZAR/$        14.99      12.08        15.00       11.68
rates        Closing rate                            ZAR/$        14.72      12.16        14.72       12.16
Unit costs   Cost of production per PGM ounce        ZAR/oz      10 596     10 839       10 643      10 546




                                                     10
Notes:
1 Reporting of shafts are in line with our operating strategy for Generation 1 and Generation 2 shafts.
2 Pandora underground tonnes mined represents 100% of the total tonnes mined on the Pandora joint venture of which 42.5%
  for October and November 2014 and 50% thereafter is attributable to Lonmin.
3 Ounces mined have been calculated at achieved concentrator recoveries and with Lonmin standard downstream processing
  recoveries to present produced saleable ounces.
4 Tonnes milled exclude slag milling.
5 Lonmin purchases 100% of the ore produced by the Pandora joint venture for onward processing which is included in
  downstream operating statistics.
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 have been calculated at Lonmin standard downstream processing recoveries to present produced
  saleable ounces.
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. Chrome is produced in the form of chromite concentrate
   and volumes shown are in the form of chromite.
11 Basket price of PGMs is based on the revenue generated in Rand and Dollar from the actual PGMs (5PGE + Au) sold in the
   period based on the appropriate Rand / Dollar exchange rate applicable for each sales transaction.
12 As per note 11 but including revenue from base metals.
13 Exchange rates are calculated using the market average daily closing rate over the course of the period.




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




                                                               11

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