Wrap Text
Third Quarter 2017 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 : GB00BYSRJ698
("Lonmin")
REGULATORY RELEASE
17 July 2017
Third Quarter 2017 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 2017 (unaudited) and a business update.
Third Quarter Highlights
- It is with great regret that we have to report 2 fatalities in a period when the 12 month rolling Safety Lost
Time Injury Frequency Rate (“LTIFR”) had in fact improved by 2.0% quarter on quarter.
- The mining performance improvement since March 2017 has been sustained into Q3 2017. Total tonnes
mined increased by 3.8% to 2.7 million tonnes compared with Q3 2016, up 13.2% on Q2 2017.
- Tonnes mined from our Generation 2 shafts, which generate 84% of our production, increased by 9.0% to
2.2 million tonnes compared with the prior year period and increased by 18.6% against Q2 2017.
- Concentrator recoveries continue to be excellent at 86.8%.
- Sales of 180,348 Platinum ounces increased by 10.8% on prior year period. We are maintaining our full-year
sales guidance of 650,000 ounces to 680,000 ounces.
- Average Rand full basket price down 3.0% on the prior year period, at R11,506 per PGM ounce.
- As a result of the much improved mining performance, unit costs reduced by 4.7% quarter-on-quarter to
R11,278 per PGM ounce (6E basis), and increased 6.4% year-on-year, slightly above inflation.
- We were at the lower end of the revised unit cost guidance of between R11,300 and R11,800 per PGM
ounce.
- Gross cash improved to $236 million at 30 June 2017 from $225 million as at the end of the second quarter.
- Net Cash improved to $86 million (gross cash of $236 million less the drawn term loan of $150 million) at 30
June, up from $75 million (gross cash of $225 million less the drawn term loan of $150 million) at the end of
the second quarter.
Ben Magara, Chief Executive Officer said “We had a pleasing operational performance all round and continue with
our decisive work and aim to be at least cash neutral even at current low PGM prices and a strong Rand. I am
pleased that with the right team in place, our mining turnaround has been sustained. I am grateful to our employees
who have worked hard to produce the results we are seeing. We continue to find levers to pull, in this “lower prices
for longer” environment and to make the improvement of our performance a priority. I am particularly pleased that
our net cash has improved. Despite the difficult global macro-economics and the complex and challenging socio
political operating environment, we are still able to find common ground for Lonmin to deliver this sustained
improved performance.”
3 months 3 month %
April May June to 30 June to 30 June Increase/
2017 2017 2017 2017 2016 (decrease)
Tonnes Generation 2 K3 Shaft kt 237 290 279 806 661 22.0%
Mined Rowland Shaft kt 150 182 196 528 437 20.8%
Saffy Shaft kt 161 212 206 580 518 12.0%
4B Shaft kt 96 101 117 314 427 (26.5)%
Total Generation 2 kt 645 785 799 2 228 2 043 9.0%
Generation 1 kt 127 133 172 431 526 (18.1)%
Total underground kt 771 917 971 2 659 2 569 3.5%
Opencast kt 7 0 7
Lonmin Total Tonnes Mined
(100%) kt 771 924 971 2 666 2 569 3.8%
Lonmin Total Tonnes Mined
attributable kt 2 606 2 508 1.9%
Ounces Lonmin (incl Platinum oz 169 820 166 581 1.9%
mined Pandora) PGMs oz 326 540 320 514 1.9%
Tonnes Total oz 2 690 2 514 7.0%
milled Head grade oz 4.58 4.68 (2.1)%
Recovery rate oz 86.8% 87.0% (0.2)%
Metals-in- Platinum oz 171 381 164 647 4.1%
concentrate PGMs oz 329 336 316 480 4.1%
Sales Platinum oz 180 348 162 725 10.8%
Refined metal PGMs oz 345 354 315 091 9.6%
Average $ basket incl. by-product revenue $/oz 882 796 10.8%
prices R basket incl. by-product revenue ZAR/oz 11 506 11 864 (3.0)%
Exchange rate Average rate for period ZAR/$ 13.19 14.99 (12.0)%
Unit costs Cost of production per PGM ounce ZAR/oz 11 278 10 595 (6.4)%
Third Quarter Production Overview
Safety
- Regrettably, two colleagues were fatally injured during the period. As reported at the Interims, Mr Simon
Sibitane, a locomotive operator at 4B on 11 May and Mr Mangi Bunga, a Team Leader rail and Haulage
Maintenance at 4B on 29 June, died following a tramming incident. The five fatalities experienced during
the first nine months are unacceptable. We will be holding a safety workshop with stakeholders this
month as we continue to work with all stakeholders to identify and implement sustainable remedies.
- The 12 month rolling LTIFR to 30 June improved by 2.0% to 4.80 per million man hours from 4.88 at 31
March 2017.
- The 12 month rolling Total Injury Frequency Rate improved 3.0% to 11.62 at 30 June 2017, from 12.03 at
31 March 2017.
Mining Operations
The Marikana mining operations (including Pandora) produced 2.7 million tonnes during the third quarter, an
increase of 3.8% or 97,000 tonnes on the prior year period, reflecting a strong performance from our core
Generation 2 shafts in spite of 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.
Generation 2 shafts
Tonnes mined from our core Generation 2 shafts (K3, Rowland, Saffy and 4B) were 2.2 million tonnes, an
increase of 9.0% on the prior year period and accounted for 84% of total tonnes mined, emphasizing our
continued focus on improving production at these shafts, which are important for Lonmin’s future.
- K3 produced 806,000 tonnes, an increase of 22.0% on the prior year period and a quarter on quarter
increase of 38.3%. The production of 290,000 tonnes at K3 for the month of May was the highest since
July 2013.
- Saffy shaft produced 580,000 tonnes, an increase of 12.0% on the prior year period and a quarter on
quarter increase of 16.4%.
- Rowland shaft produced 528,000 tonnes, an increase of 20.8% on the prior year period and a quarter on
quarter increase of 16.8%. This was the shaft’s best quarterly production since the fourth quarter of the
2011 financial year and the best Q3 output in the last eight years.
- 4B produced 314,000 tonnes, a decrease of 26.5% on the prior year period, impacted by safety
stoppages associated with the two fatalities.
Despite the poor start to the financial year, tonnes mined from the Generation 2 shafts for the nine months to
30 June of 5.9 million tonnes are now in line with the prior year. This gratifying result illustrates the extent of
the momentum the mining team has established in the last five months, following the weak first four months.
Traditionally, the fourth quarter is our strongest in terms of production and we anticipate this momentum to
continue absent any unforeseen interruptions to the mining production run.
As previously announced, we’re on track with our plan for development crews deployed to stopping areas to
revert to their own working areas by the end of the financial year.
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 431,000 tonnes was 18.1% lower than the prior year period.
Some of these shafts are managed as a coherent unit and are run by contractors, providing better flexibility to
retain or stop them, depending on their profit contribution to the Company.
The combined E3 unit (E3 plus the Pandora JV) only produced 6,000 tonnes or 4% less in Q3 FY17 when
compared to Q3 FY16, despite losing around 35,000 tonnes during May, when community protests disrupted
production around the unit, as explained later in this report.
Ore reserves
Operational flexibility was preserved with the immediately available ore reserve position of 3.3 million square
metres at the end of Q3 2017, or 20 months average production versus 3.9 million square metres at the end
of Q3 2016.
Production Losses
Production lost due to Section 54 safety stoppages in the quarter totalled only 44,000 tonnes. This was
199,000 tonnes better than the prior year period.
Q3 2017 Q3 2016
tonnes tonnes
Section 54 safety stoppages 44,000 243,000
Management induced safety stoppages 24,000 13,000
Labour/Community disruptions 59,000 56,000
Total tonnes lost 127,000 311,000
Process Operations
Milling production in the quarter of 2.7 million tonnes was in line with tonnes mined of 2.7 million tonnes,
and 7% higher than the 2.5 million milled in the prior year period, as a result of the improved mining
performance. Metal-in–Concentrate produced was up 4.1% compared to Q3 2016 with 171,381 Platinum
ounces and 329,336 PGM ounces.
Underground milled head grade at 4.58 grammes per tonne (5PGE+Au) decreased by 2.3% when compared to
the 4.69 grammes per tonne achieved in the prior year period. The overall milled head grade was 4.58
grammes per tonne, down 2.2% on the prior year period of 4.68 grammes per tonne. The main reason that
the overall grade is down is because of the change in the ore type mix. During the quarter, the Merensky
proportion of tonnes milled was 3.0% more than the proportion milled during Q3 2016 (29% vs 26%). There
was also a slight drop in the UG2 grades during the quarter as a result of increased dilution from leader seams
at K3 UG2 for the period.
Concentrator recoveries for the quarter continue to be excellent at 86.8%.
Total refined Platinum production at 180,323 ounces was 3.9% higher than the prior year period. Total PGMs
produced were 359,680 ounces, an increase of 3.1% on the prior year period. Refined Platinum production
continued to benefit from the smelter clean-up project, which released 8,942 Platinum ounces during the
quarter, compared to 8,865 ounces in the prior year period.
Sales & Pricing
Platinum sales for the quarter were 180,348 ounces, an increase of 10.8% compared with Q3 2016, mainly as
a result of the improved mining performance. PGM sales were 345,354 ounces, up 9.6% on Q3 2016 sales.
Platinum sales for the nine months to 30 June 2017 were 487,343 ounces and we are maintaining our sales
guidance for the year of 650,000 ounces to 680,000 ounces.
The US Dollar basket price (including base metal revenue) at $882 per ounce during the quarter was up 10.8%
on Q3 2016 while the corresponding Rand basket price (R11,506 per ounce) was 3.0% lower than the prior
year period. The average Rand to US Dollar exchange rate was 12.0% stronger at R13.19 compared to R14.99
in the prior year period.
Unit costs
Unit costs for the quarter were R11,278 per PGM ounce, a decrease of 4.7% on Q2 as a result of the improved
mining performance. This is at the lower end of our revised guidance of between R11,300-R11,800. The year-
on-year increase of 6.4% is slightly above inflation.
Community relationships
We experienced some community unrest during May. We are working with community leaders and have
enlisted assistance from labour and other key stakeholders to assist us to create a stable operating
environment. Contractors have also been engaged, where possible, to make opportunities for job creation
for community members. Generally the community relations around the operations are improving.
Pandora update
We are making good progress with obtaining the necessary consents for the Pandora acquisitions and have
now received approval from the Competition Authorities. As previously reported, we have submitted the
requisite application for Section 11 consent to the Department of Mineral Resources prior to the release of
the Mining Charter III and await approval. The transaction also remains subject to consent from our lending
banks. We expect the transaction to complete by the end of the calendar year. On completion of these
transactions, Lonmin will own 100% of Pandora. Full ownership of Pandora allows us to extend the mining at
Saffy shaft further on strike east and west of the shaft, which will enable the deferment of the deepening of
the shaft. The acquisition allows us to defer over R2.6 billion of allocated capital expenditure required for the
further deepening of Saffy shaft, of which R1.6 billion will be over the next four years.
Outlook and Guidance
We are maintaining our sales guidance of between 650,000 Platinum ounces to 680,000 Platinum ounces,
absent any unexpected interruptions to the smooth running of mining production. We believe this is
achievable based on the sustained good operational results we have seen these past five months, combined
with the fact that the fourth quarter of our financial year is traditionally our strongest. Safety remains a cause
for concern, and we remain focused on addressing the root causes of safety incidents.
We anticipate achieving the revised unit cost guidance for FY17 of between R11,300 and R11,800 per PGM
ounce.
We continue with our strategy of minimising capital expenditure but we are ensuring that the Immediately
Available Ore Reserve position is maintained at the level necessary to support planned production at the
Generation 2 shafts and minimise the near term impact on production. As in previous years, capital
expenditure is weighted towards the second half of the financial year. We are maintaining our revised capital
expenditure guidance for the current year to between R1.4 billion and R1.5 billion of which R917 million has
been spent to date.
Board changes
As planned and previously announced in January 2017, Jim Sutcliffe will step down as a Non-executive
Director and the Senior Independent Director of the Company on 31 July 2017, having served almost 10 years
on the Board.
Jonathan Leslie, who has been an independent Non-executive Director on the Board since 2009, will succeed
Mr Sutcliffe as the Senior Independent Director from 1 August 2017.
Brian Beamish, Chairman of Lonmin said "Jim has made a significant and valuable contribution to the Board.
His insights, experience and guidance will be missed. I also want to congratulate Jonathan on his appointment
as Senior Independent Director. I have no doubt his wealth of experience and knowledge will be beneficial in
this new role.”
The Company also announces the appointment of Gillian Fairfield as an independent Non-executive Director
of the Company, with effect from 1 August 2017.
Ms Fairfield is a leading corporate lawyer with over 20 years’ experience in corporate law, cross-border M&A
and corporate finance. Ms Fairfield was awarded “Client Partner of the Year” in the British Legal Awards 2016
and was featured in the Legal 500 and cited as a leading practitioner in Chambers on a number of occasions.
Until May 2017, Ms Fairfield was a lawyer at Herbert Smith Freehills LLP for 13 years, of which 9 were as a
corporate partner. Herbert Smith Freehills is one of the Company’s legal advisers and Ms Fairfield has acted as
a relationship partner to the Company. Prior to Herbert Smith Freehills, Ms Fairfield was an associate solicitor
at Freshfields LLP for 5 years.
In accordance with the Listing Rules, Lonmin confirms that there are no additional matters that would require
disclosure under LR 9.6.13 R (1) to (6). Ms Fairfield does not have any direct beneficial interests in Lonmin
ordinary shares of $0.0001 each.
Brian Beamish, Chairman of Lonmin said "I am delighted to welcome Gillian to our Board. She brings with her
extensive legal, governance and transactional experience and, combined with her knowledge of Lonmin and
the mining industry, she will, I am sure, make a vital contribution to the Company and the Board.”
- ENDS –
ENQUIRIES
Investors / Analysts:
Lonmin
Tanya Chikanza (Head of Investor Relations) +27 11 218 8358 /+44 20 3908 1073
Andrew Mari (Investor Relations Manager) +27 11 218 8420
Media:
Cardew Group
Anthony Cardew / Emma Crawshaw +44 207 930 0777
Wendy Tlou +27 83 358 0049
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
3 months 3 months 9 months 9 months
to 30 Jun to 30 Jun to 30 Jun to 30 Jun
2017 2016 2017 2016
Tonnes Marikana
1
mined K3 Shaft kt 806 661 1 979 1 979
Rowland Shaft kt 528 437 1 404 1 245
Saffy Shaft kt 580 518 1 571 1 507
4B Shaft kt 314 427 996 1 190
Generation 2 kt 2 228 2 043 5 949 5 921
1B Shaft kt 6
Hossy Shaft kt 163 187 493 521
Newman Shaft kt 0 45 51 290
W1 Shaft kt 33 41 105 129
East 1 Shaft kt 40 39 115 109
East 2 Shaft kt 59 73 191 227
East 3 Shaft kt 18 20 57 43
2
Pandora (100%) kt 118 123 347 387
Generation 1 kt 431 526 1 358 1 711
Underground kt 2 659 2 569 7 307 7 632
Opencast kt 7 45 10
Lonmin (100%) Total Tonnes Mined
(100%) kt 2 666 2 569 7 352 7 642
% tonnes mined from
UG2 reef (100%) % 72.0% 74.6% 73.4% 75.7%
Lonmin Underground &
(attributable) Opencast kt 2 606 2 508 7 178 7 448
Ounces Lonmin excluding Pt Ounces
3
Mined Pandora oz 161 825 157 984 442 571 461 351
Pandora (100%) Pt Ounces oz 7 995 8 597 23 687 26 657
Lonmin Pt Ounces oz 169 820 166 581 466 258 488 008
Lonmin excluding PGM Ounces
Pandora oz 310 503 303 620 848 639 885 706
Pandora (100%) PGM Ounces oz 16 037 16 893 47 084 52 318
Lonmin PGM Ounces oz 326 540 320 514 895 723 938 024
Tonnes Marikana Underground kt 2 571 2 382 6 881 7 107
4
milled Opencast kt 9 49 60
Total kt 2 571 2 391 6 930 7 166
5
Pandora Underground kt 118 123 347 387
Lonmin Platinum Underground kt 2 690 2 505 7 229 7 494
Milled head grade6 g/t 4.58 4.69 4.57 4.61
Recovery rate7 % 86.8% 87.0% 86.8% 86.9%
Opencast kt 0 9 49 60
Milled head grade6 g/t - 3.04 4.42 2.81
Recovery rate7 % 0.0% 83.8% 68.3% 83.9%
Total kt 2 690 2 514 7 278 7 554
Milled head grade6 g/t 4.58 4.68 4.56 4.59
Recovery rate7 % 86.8% 87.0% 86.7% 86.8%
3 months 3 months 9 months 9 months
to 30 Jun to 30 Jun to 30 Jun to 30 Jun
2017 2016 2017 2016
Metals-in- Marikana Platinum oz 163 024 155 010 437 695 456 130
8
concentrate Palladium oz 75 568 72 516 202 436 212 642
Gold oz 3 998 3 730 10 912 10 953
Rhodium oz 23 092 22 302 62 025 65 952
Ruthenium oz 38 832 36 840 104 185 107 831
Iridium oz 8 157 7 572 21 692 21 556
Total PGMs oz 312 670 297 970 838 945 875 063
9
Nickel MT 859 775 2 264 2 280
9
Copper MT 540 477 1 420 1 403
Pandora Platinum oz 7 995 8 597 23 687 26 657
Palladium oz 3 811 4 058 11 206 12 478
Gold oz 55 27 167 79
Rhodium oz 1 389 1 416 4 021 4 407
Ruthenium oz 2 297 2 315 6 617 7 235
Iridium oz 489 481 1 385 1 462
Total PGMs oz 16 037 16 893 47 084 52 318
9
Nickel MT 15 21 48 79
9
Copper MT 7 8 21 26
Concentrate Platinum oz 361 1 039 964 3 304
purchases Palladium oz 146 272 310 1 083
Gold oz 3 3 5 12
Rhodium oz 36 106 95 407
Ruthenium oz 64 147 162 620
Iridium oz 18 48 43 169
Total PGMs oz 629 1 616 1 579 5 596
9
Nickel MT 0 0 1 2
9
Copper MT 0 0 0 1
Lonmin Platinum Platinum oz 171 381 164 647 462 347 486 091
Palladium oz 79 525 76 846 213 952 226 204
Gold oz 4 056 3 760 11 084 11 044
Rhodium oz 24 517 23 825 66 141 70 766
Ruthenium oz 41 193 39 301 110 964 115 686
Iridium oz 8 664 8 101 23 120 23 186
Total PGMs oz 329 336 316 480 887 607 932 977
9
Nickel MT 875 796 2 312 2 360
9
Copper MT 548 485 1 441 1 430
3 months 3 months 9 months 9 months
to 30 Jun to 30 Jun to 30 Jun to 30 Jun
2017 2016 2017 2016
Refined Lonmin refined Platinum oz 179 158 173302 479 396 520 065
Production Metal Palladium oz 88 551 82 590 221 682 237 687
Production
Gold oz 4 776 4 585 12 454 14 113
Rhodium oz 29 976 35 085 72 569 88 855
Ruthenium oz 44 667 42 268 113 392 120 691
Iridium oz 10 057 10 404 24 740 30 844
Total PGMs oz 357 185 348 233 924 233 1 012 255
Toll refined Platinum oz 1 164 210 2 187 2 331
metal Palladium oz 439 100 634 599
production
Gold oz 21 4 29 24
Rhodium oz 174 35 251 170
Ruthenium oz 553 75 789 640
Iridium oz 144 55 172 91
Total PGMs oz 2 496 479 4 062 3 856
Total Platinum oz 180 323 173 512 481 583 522 396
refined Palladium oz 88 990 82 690 222 316 238 286
PGMs
Gold oz 4 797 4 589 12 482 14 137
Rhodium oz 30 150 35 120 72 820 89 025
Ruthenium oz 45 220 42 343 114 182 121 331
Iridium oz 10 201 10 459 24 911 30 935
Total PGMs oz 359 680 348 712 928 294 1 016 110
10
Base metals Nickel MT 1 040 930 2 516 2 673
10
Copper MT 596 519 1 443 1 531
.
Sales Refined Platinum oz 180 348 162 725 487 343 524 607
Metal Palladium oz 87 208 77 134 219 724 239 879
Sales
Gold oz 4 341 4 200 11 686 14 845
Rhodium oz 27 433 28 122 78 430 89 283
Ruthenium oz 37 823 31 511 135 498 113 605
Iridium oz 8 201 11 400 22 530 32 142
Total PGMs oz 345 354 315 091 955 212 1 014 360
10
Nickel MT 1 011 744 2 739 2 525
10
Copper MT 838 563 1 054 1 641
10
Chrome MT 387 478 277 489 1 039 133 1 030 468
Average Platinum $/oz 941 1 005 953 936
prices Palladium $/oz 819 565 763 556
Gold $/oz 1 258 1 510 1 226 1 404
Rhodium $/oz 971 673 860 684
$ basket excl. by-product revenue
11 $/oz 819 760 772 716
$ basket incl. by-product revenue
12 $/oz 882 796 828 755
R basket excl. by-product revenue
11 R/oz 10 682 11 321 10 329 10 682
R basket incl. by-product revenue
12 R/oz 11 506 11 864 11 088 11 242
Nickel
10 $/MT 7 627 7 215 8 268 7 026
Copper
10 $/MT 4 902 4 637 5 017 4 524
Unit Costs Cost of Production per PGM ounce ZAR/oz 11 278 10 596 11 770 10 642
Exchange
13
Rates Average rate for period R/$ 13.19 14.99 13.44 15.00
Closing rate R/$ 13.05 14.72 13.05 14.72
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 excludes 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
Date: 17/07/2017 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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