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LONMIN PLC - First Quarter 2019 Production Report and Business Update

Release Date: 08/02/2019 09:00
Code(s): LON     PDF:  
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First Quarter 2019 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")
LEI No: 213800FGJZ2WAC6Y2L94


REGULATORY RELEASE

8 February 2019

                    First Quarter 2019 Production Report and Business Update

Lonmin Plc (“Lonmin” or “the Company”), one of the world’s largest primary platinum producers, today
announces its unaudited Quarter 1 2019 production results for the three months to 31 December 2018
and provides an operational update.

The first quarter of the financial year is historically a period of lowest production in our annual
production cycle, due to the December holiday season and the impact of annual stocktaking. In addition,
performance for Q1 2019 was also impacted by a fatality which occurred on 5 December, and the
fatality which occurred at the end of Q4 2018 on 30 September 2018. These incidents followed a 15-
month fatality free period.

Overview

-   The twelve-month rolling LTIFR to 31 December 2018 increased by 1.8% to 4.07 per million man
    hours.
-   Mining production was down 166,000 tonnes or 7.0% on Q1 2018 at 2.2 million tonnes.
-   Total tonnes lost due to Section 54 stoppages were 95,000 tonnes, up from 8,000 tonnes in Q1 2018.
-   Refined Platinum production of 144,651 ounces was 10.4% lower than Q1 2018 on the back of
    reduced mining tonnes, lower grades and recoveries.
-   Platinum sales were 4.6% lower and PGM sales 12.7% lower than Q1 2018 at 140,488 ounces and
    255,152 ounces respectively.
-   The US Dollar basket price (including base metal revenue) of $1,076 per ounce was up 11.2% on Q1
    2018, while the corresponding Rand basket price of R15,389 per ounce was up 17.0% on Q1 2018.
-   The average Rand to US Dollar exchange rate was 5.0% weaker at 14.29 compared to Q1 2018.
-   Unaudited total cost of production increase contained to 6.4%, from R3.7 billion to R3.9 billion. Unit
    costs were R14,795 per PGM ounce (6E basis), an increase of 16.5% on Q1 2018, on the back of the
    lower production.
-   Improved liquidity and debt maturity profile was achieved through the new $200 million forward
    metal sale facility and the early settlement of the pre-existing term loan of $150 million which was
    due to expire in May 2019.
-   Liquidity or gross cash at 31 December 2018 was $230 million, compared to $215 million at 31
    December 2017 and $264 million at 30 September 2018. At 31 December 2018, the balance due on
    the forward metal sale facility was $190 million.
                                                   1
Ben Magara, Chief Executive Officer, said: “The loss of our colleague is deeply regretted and we extend
our deepest condolences to his family and friends. Our first quarter’s production is always our most
disturbed and challenging period. I am encouraged by the increase in the PGM basket price driven by
Palladium and Rhodium. Going forward into the second quarter, the Lonmin team continues to focus on
safe mining production. We are therefore maintaining our sales, costs and capex guidance for 2019. The
challenges of this quarter and the volatility of the exchange rate underscore the vulnerability of our
business and the importance of a sustainable solution for the company.”

Safety

Our safety strategy is centred on the belief that Zero Harm is achievable and important contributions are
required from all stakeholders to achieve it.

- Regrettably one of our colleagues, Mr Tjea, was fatally injured on 5 December 2018. We extend our
   deepest condolences to his family and friends. This fatality sadly occurred soon after the fatality in
   Q4 2018 on 30 September 2018, following a 15-month fatality free period.
- The twelve-month rolling Lost Time Injury Frequency Rate (“LTIFR”) to 31 December 2018 was 4.07
   per million man hours, an increase of 1.8% on September 2018 at 4.00.
- The twelve-month rolling Total Injury Frequency Rate (“TIFR”) to 31 December 2018 was 10.08 per
   million man hours, an improvement of 0.6% on September 2018 at 10.14.

Production Losses

Section 54 safety stoppages for the fatality in this quarter and the one on the last day of Q4 2018,
occurred in the period under review. Consequently, the total tonnes lost in the quarter due to all safety
related stoppages increased to 116,000 tonnes, compared to 57,000 tonnes lost in Q1 2018.

                                                            Q1 2019      Q1 2018
                                                             Tonnes       Tonnes
    Section 54 safety stoppages                              95,000        8,000
    Management induced safety stoppages                      21,000       49,000
    Total tonnes lost                                       116,000       57,000

Mining Operations

The Marikana mining operations produced 2.2 million tonnes during the quarter, a decrease of 166,000
tonnes or 7.0% on Q1 2018 primarily due to the impact of the two fatalities; one at K3 in Q4 2018 and
the other at Rowland shaft and associated Section 54 safety stoppages and the negative impact on
morale, following a 15 month period of fatality free mining.

Generation 2 Shafts
Tonnes mined from our Generation 2 shafts were 1.6 million tonnes, a decrease of 170,000 tonnes or
9.4% on Q1 2018, as a consequence of safety stoppages and the consequential effects of the two
fatalities on the morale of the workforce.

  -   K3, our biggest shaft, produced 566,000 tonnes, a decrease of 129,000 tonnes on the prior year
      period, as the fatality on 30 September 2018 at this shaft severely impacted morale and October
      2018 production.
  -   Rowland shaft produced 403,000 tonnes, a decrease of 45,000 tonnes on the prior year period,
      impacted by the fatality.
  -   Saffy shaft produced 496,000 tonnes, a decrease of 25,000 tonnes on the prior year period, as a
      result of geological complexity which resulted in challenging adverse ground conditions. Crews are
      being moved to other areas, utilizing Saffy’s ore reserve flexibility, to improve productivity and
      mining efficiencies.
  -   The combined E3 shaft and Pandora area produced 176,000 tonnes, an increase of 29,000 tonnes on
      the prior year period, a good performance overall.

Generation 1 Shafts
The performance of our Generation 1 shafts is in line with our plan to reduce high cost production in a
low price environment. Tonnes mined from our Generation 1 shafts (4B, Hossy, W1 and E1) were 0.6
million tonnes, a decrease of 3.9%, or 23,000 tonnes on the prior year period. 4B produced 313,000
tonnes, an increase of 8,000 tonnes on Q1 2018, despite its geological challenges. Hossy shaft produced
155,000 tonnes, an increase of 11,000 tonnes on the prior year period, as we maximised sweepings of
old workings, to maximise cash harvesting before final placement on care and maintenance.

We continually review each shaft on its merits and, with the contractor model, retain the flexibility to
cease production if and when these shafts become unprofitable. Due to the improved market conditions,
some shafts that had been earmarked to go on care and maintenance have been kept open for longer. In
this regard, the loss of approximately 12,600 jobs announced in 2017 is likely to occur over a longer
period than the original three years to 2020. Hossy, which was due to go on care maintenance at the end
of 2018, is now expected to be put on care and maintenance by the end of the financial year.

W1 and E1 are now rapidly reaching the end of their resource lives with mining occurring in remnant
areas only. As such, E1 shaft and W1 shaft are currently scheduled for closure by the end of the financial
year. Contractors operate these shafts and are responsible for all associated costs, with Lonmin paying a
predetermined rate per tonne of ore produced.

Processing Operations

Concentrator production
Total tonnes milled from underground mining operations in the quarter were 2.4 million tonnes, which
was more than the 2.2 million tonnes mined during the quarter, with the additional tonnes milled
coming from the stockpile. Tonnes milled decreased by 3.8% on the prior period, reflecting the reduced
mining tonnes.

The different concentrators are optimized to take feed from either UG2 or Merensky ore. The feed
contained a higher ratio of Merensky ore than UG2 during this quarter as a result of the inclusion of the
stockpile in the ore mix, which together with an element of dilution in the tonnes produced during the
quarter, adversely impacted the mill grade and concentrator recoveries. Consequently, underground mill
head grade at 4.26 grammes per tonne (5PGE+Au) decreased by 7.9% compared to the 4.63 grammes
per tonne achieved in the prior year period, and concentrator recoveries from underground mining for
the quarter at 85.5% decreased by 2.6% points compared to 88.1% achieved in the prior year period.
This had an adverse impact on the unit cost achieved in the quarter. As the normal mining rhythm picks
up from the second quarter, we expect to revert to the optimal ore feed mix, with an associated increase
in recoveries.

The combination of reduction in production, grade and recoveries resulted in Platinum production
(metals-in-concentrate) of 150,217 ounces, a decrease of 8.7% compared to the prior year period, whilst
total PGMs production (metals-in-concentrate) was 288,588 ounces, a decrease of 8.5% compared to the
prior year period.

Bulk Tailings re-Treatment Project (“BTT”)
The BTT project, commissioned in February 2018, produced a total of 938,000 tonnes milled for the
quarter, with a head grade of 1.13 grammes per tonne and a recovery rate of 25.0%, producing metals-


                                                   3
in-concentrate of 4,173 Platinum ounces and 8,157 PGM ounces. Having reached designed throughput,
we are now focusing on improving recoveries.

Processing
Refined Platinum production of 144,651 ounces in the first quarter was 10.4% lower than the prior year
period on the back of reduced mining tonnes, lower grades and recoveries. Total PGMs production of
267,999 ounces was 13.2% lower than the prior year period, for the same reasons.

Sales and Pricing

Platinum sales for the quarter were 140,488 ounces, 4.6% lower than the prior year period. PGM sales
were 255,152 ounces, 12.7% lower than the prior year period; Rhodium sales decreased by 33.8% and
Ruthenium sales decreased by 35.0%, due to the other precious metal production falling outside the
selling window in December which is traditionally severely curtailed due to public holidays and vault
closures over this time. The increased stock will be monetised in Q2 2019.

The US Dollar basket price (including base metal revenue) at $1,076 per ounce during the quarter was up
11.2% on the prior year period, while the corresponding Rand basket price of R15,389 per ounce was
17.0% higher than the prior year.

The average Rand to US Dollar exchange rate was 5.0% weaker at 14.29 compared to 13.61 in the prior
year period.

Business and Operating Environment Update

Cost of Production
Our unaudited total cost of production increased by 6.4% from R3.7 billion to R3.9 billion, in line with our
overall cost containment, notwithstanding wage increases in excess of 7% being granted in July 2018.
Our unit costs were R14,795 per PGM ounce (6E basis), an increase of 16.5% on Q1 2018, as a result of
the safety stoppages, lower production, grade and recoveries in this quarter.

Balance Sheet and Liquidity
As announced on 22 October 2018, Lonmin entered into a new $200 million forward metal sale facility
with Pangaea Investment Management Limited (PIM) to be amortized over three years to October 2021.
The pre-existing term loan of $150 million which was due to expire in May 2019 was settled and
cancelled. The net improvement in liquidity, after fees of $8 million and a further $8 million to
collateralise guarantees, was $34 million. Repayments of capital and interest on the PIM and BTT
facilities amounted to $17 million in Q1 2019.

Liquidity or gross cash at 31 December 2018 was $230 million, compared to $215 million at 31 December
2017 and some $34 million lower than the 30 September 2018 balance of $264 million. The PIM
refinancing, rand basket price revenue increase, and the proceeds from the disposal of Wallbridge and
Petrozim assets partly offset the increase in first quarter working capital requirements.

The historical first quarter cash burn is due to the working capital impact, which is typically greater in the
first quarter of our financial year due to the December holidays, the impact of stocktaking and the nature
of our sales profile, which is weighted towards the second half of our financial year.




                                                     4
All-share offer by Sibanye Stillwater (“the Offer”)

As already reported on 25 January 2019, together with Sibanye-Stillwater, we announced that the
Competition Appeal Court of South Africa (the “CACSA”) has set down 2 April 2019 as the date for the
hearing of the appeal filed with the CACSA by the Association of Mineworkers and Construction Union
(“AMCU”). The appeal is against the South African Competition Tribunal’s decision of 21 November 2018,
to approve the Offer subject to certain specific conditions. Sibanye-Stillwater and Lonmin remain fully
committed to the Offer. Lonmin continues to believe that the Offer represents a comprehensive,
sustainable solution to the challenges facing Lonmin and offers Lonmin and its stakeholders a more
certain future than Lonmin could achieve by any alternative route. The combination of Sibanye-Stillwater
and Lonmin will create a larger, more resilient company, with greater geographical and commodity
diversification, which is better able to withstand short-term commodity price and foreign exchange
volatility.

The refinancing undertaken in October 2018 has enhanced the Company’s liquidity position and,
importantly, it also removed the restrictive previous lender conditions (notably the Tangible Net Worth
covenant). This is expected to help support the business until the successful completion of the Offer. In
light of the appeal before the CACSA, Sibanye-Stillwater and Lonmin announced on 15 January 2019 that
they had agreed, with the consent of the Panel, to extend the Longstop Date for the Scheme to become
unconditional and effective from 28 February 2019 to 30 June 2019.

The Offer remains subject to the satisfaction or (where applicable) waiver of the conditions set out in the
announcement of the Transaction by Lonmin and Sibanye-Stillwater on 14 December 2017. Such
conditions include, amongst others, the approvals of Lonmin and Sibanye-Stillwater shareholders and
the courts of England and Wales.

Outlook and Guidance

The Platinum market remains under pressure but the basket is supported by the significant growth in
demand for palladium and rhodium as the automotive industry readies itself for the tighter controls and
risk of penalties associated with further real driving emission regulations.

Sales guidance for the full year is maintained at between 640,000 and 670,000 Platinum ounces. We are
maintaining unit cost guidance of between R12,900 and R13,400 per PGM ounce produced. Our capital
expenditure guidance for the year of between R1.4 billion and R1.5 billion is maintained.

                                                 - ENDS -

ENQUIRIES

Investors / Analysts:
 Tanya Chikanza (Executive Vice President: Corporate            +27 83 391 2859/ +44 20 3908 1073/
 Strategy,    Investor Relations   and     Corporate            +27 14 571 2070
 Communications)
 Andrew Mari (Investor Relations)                               +27 60 564 6419

Media:
 TB Cardew
 Anthony Cardew / Emma Crawshaw                                 +44 207 930 0777
 Lonmin
 Wendy Tlou (Head of Communications)                            +27 83 358 0049


                                                    5
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 found.

The Company creates value for shareholders 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




                                                   6
                                                                                        3 months    3 months
                                                                                        to 31 Dec   to 31 Dec
                                                                                             2018        2017
Tonnes     Marikana                       K3 Shaft                                kt          566         695
      1
mined                                     Rowland Shaft                           kt          403         448
                                          Saffy Shaft                             kt          496         521
                                          East 3 Shaft Combined²                  kt          176         147
                                          Generation 2                            kt        1 641       1 812
                                          4B Shaft                                kt          313         306
                                          Hossy Shaft                             kt          155         144
                                          W1 Shaft                                kt           38          44
                                          East 1 Shaft                            kt           44          47
                                          East 2 Shaft                            kt                       32
                                          Generation 1                            kt         551          573
                                          Underground                             kt       2 192        2 385
                                          Opencast                                kt          27
           Lonmin (100%)                  Total Tonnes Mined (100%)               kt       2 219       2 385
                                          % tonnes mined from UG2 reef (100%)     %        71.3%       72.4%
           Lonmin (attributable)          Underground & Opencast                  kt       2 219       2 334
Ounces     Lonmin excluding Pandora       Platinum Ounces                         oz     130 718     147 208
      3
Mined      BTT?                           Platinum Ounces                         oz       4 173           0
           Lonmin excl Pandora incl BTT   Platinum Ounces                         oz     134 892     147 208
           Pandora (100%)                 Platinum Ounces                         oz                   7 557
           Lonmin incl Pandora & BTT      Platinum Ounces                         oz     134 892     154 765

           Lonmin excluding Pandora       PGM Ounces                              oz     252 668     282 818
           BTT?                           PGM Ounces                              oz       8 157
           Lonmin excl Pandora incl BTT   PGM Ounces                              oz     260 825     282 818
           Pandora (100%)                 PGM Ounces                              oz                  14 962
           Lonmin incl Pandora & BTT      PGM Ounces                              oz     260 825     297 780
Tonnes     Marikana                       Underground                             kt       2 355       2 348
       5
milled                                    Opencast                                kt          38           7
                                          Total                                   kt       2 393       2 355
                        6
           Pandora 100%                   Underground                             kt                     101
           Lonmin Platinum                Underground mining                      kt       2 355       2 449
                                                                              7
                                                           Milled head grade      g/t       4.26        4.63
                                                                              8
                                                                Recovery rate      %       85.5%       88.1%
                                          Opencast mining                         kt          38           7
                                                                              7
                                                           Milled head grade      g/t       4.55        4.97
                                                                              8
                                                                Recovery rate      %       82.6%       67.3%
                                          Total mining                            kt       2 393       2 456
                                                                              7
                                                           Milled head grade      g/t       4.27        4.63
                                                                              8
                                                                Recovery rate      %       85.5%       88.0%
                                          BTT Plant?                              kt         938
                                                                              7
                                                           Milled head grade      g/t       1.13
                                                                              8
                                                                Recovery rate      %       25.0%




                                                  7
                                                                 3 months    3 months
                                                                 to 31 Dec   to 31 Dec
                                                                      2018        2017
                         9
Metals-in- concentrate       Marikana          Platinum     Oz     139 817     152 648
                                               Palladium    Oz      65 731      70 857
                                               Gold         Oz       3 708       3 722
                                               Rhodium      Oz      19 947      21 745
                                               Ruthenium    Oz      33 395      36 600
                                               Iridium      Oz       6 975       7 465
                                               Total PGMs   Oz     269 572     293 036
                                                      10
                                               Nickel       MT         798         745
                                                       10
                                               Copper       MT         505         481
                             Pandora           Platinum     Oz                   7 557
                                               Palladium    Oz                   3 573
                                               Gold         Oz                      52
                                               Rhodium      Oz                   1 261
                                               Ruthenium    Oz                   2 105
                                               Iridium      Oz                     414
                                               Total PGMs   Oz                  14 962
                                                      10
                                               Nickel       MT                      11
                                                       10
                                               Copper       MT                       6
                             BTT Plant?        Platinum     Oz      4 173
                                               Palladium    Oz      1 730
                                               Gold         Oz         38
                                               Rhodium      Oz        616
                                               Ruthenium    Oz      1 331
                                               Iridium      Oz        269
                                               Total PGMs   Oz      8 157
                                                      10
                                               Nickel       MT          5
                                                       10
                                               Copper       MT          6
                             Concentrate       Platinum     Oz      6 227       4 283
                             purchases         Palladium    Oz      2 128       1 354
                                               Gold         Oz         25          15
                                               Rhodium      Oz        874         571
                                               Ruthenium    Oz      1 317         858
                                               Iridium      Oz        288         237
                                               Total PGMs   Oz     10 859       7 317
                                                      10
                                               Nickel       MT          7           6
                                                       10
                                               Copper       MT          4           3
                             Lonmin Platinum   Platinum     Oz    150 217     164 488
                                               Palladium    Oz     69 589      75 784
                                               Gold         Oz      3 771       3 789
                                               Rhodium      Oz     21 437      23 576
                                               Ruthenium    Oz     36 043      39 563
                                               Iridium      Oz      7 531       8 117
                                               Total PGMs   Oz    288 588     315 316
                                                      10
                                               Nickel       MT        810         761
                                                       10
                                               Copper       MT        516         491




                                                      8
                                                                                 3 months     3 months
                                                                                 to 31 Dec    to 31 Dec
                                                                                      2018         2017
Refined Production   Lonmin refined Metal Production         Platinum     Oz      144 648      161 026
                                                             Palladium    Oz        64 231       75 271
                                                             Gold         Oz         3 701        4 191
                                                             Rhodium      Oz        19 993       24 217
                                                             Ruthenium    Oz        28 210       35 365
                                                             Iridium      Oz         7 128        8 041
                                                             Total PGMs   Oz       267 912      308 111
                     Toll refined metal production           Platinum     Oz              3         337
                                                             Palladium    Oz              0         123
                                                             Gold         Oz              1           5
                                                             Rhodium      Oz              0          43
                                                             Ruthenium    Oz            84          132
                                                             Iridium      Oz            (1)          22
                                                             Total PGMs   Oz            87          663
                     Total Saleable Refined PGMs             Platinum     oz       144 651      161 363
                                                             Palladium    oz        64 231       75 395
                                                             Gold         oz         3 702        4 196
                                                             Rhodium      oz        19 994       24 260
                                                             Ruthenium    oz        28 294       35 498
                                                             Iridium      oz         7 127        8 063
                                                             Total PGMs   oz       267 999      308 774
                                                                   11
                     Base metals                             Nickel       MT           811          868
                                                                     11
                                                             Copper       MT           499          436
Sales                Refined Metal Sales                     Platinum     oz      140 488      147 216
                                                             Palladium    oz       60 388       67 699
                                                             Gold         oz        3 938        4 523
                                                             Rhodium      oz       16 724       25 268
                                                             Ruthenium    oz       25 409       39 099
                                                             Iridium      oz        8 206        8 529
                                                             Total PGMs   oz      255 152      292 335
                                                                   11
                     Base Metals                             Nickel       MT          734          852
                                                                     11
                                                             Copper       MT          427          400
Average prices       Platinum                                             $/oz        819          922
                     Palladium                                            $/oz      1 182        1 001
                     Gold                                                 $/oz      1 238        1 257
                     Rhodium                                              $/oz      2 499        1 465
                                                        12
                     $ basket excl. by-product revenue                    $/oz        987          888
                                                       13
                     $ basket incl. by-product revenue                    $/oz      1 076          968
                                                        12
                     R basket excl. by-product revenue                    R/oz     14 118       12 013
                                                       13
                     R basket incl. by-product revenue                    R/oz     15 389       13 153
                            11
                     Nickel                                               $/MT      9 169        9 424
                             11
                     Copper                                               $/MT      6 089        6 823
                                               14
Exchange Rates       Average rate for period                              R/$       14.29        13.61
                     Closing rate                                         R/$       14.35        12.36




                                                       9
Notes
 1 Reporting of shafts are in line with our operating strategy for Generation 1 and Generation 2 shafts.
 2 E3 Shaft and Pandora underground tonnes mined are reported as E3 Shaft Combined since 1 December 2017
     when Lonmin required 100% of Pandora.
 3 Ounces mined have been calculated at achieved concentrator recoveries and with Lonmin standard
     downstream processing recoveries to present produced saleable ounces.
 4 The BTT (Bulk Tailings Treatment) project was commissioned in February 2018.
 5 Tonnes milled excludes slag milling.
 6 As from 1 December 2017 Lonmin owns 100% of Pandora joint venture and there will be no ore purchases thereafter.
 7 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).
 8 Recovery rate in the concentrators is the total content produced divided by the total content milled (excluding slag).
 9 Metals-in-concentrate are calculated at Lonmin standard downstream processing recoveries to present
     produced saleable ounces.
10 Corresponds to contained base metals in concentrate.
11 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.
12 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.
13 As per note 12 but including revenue from base metals.
14 Exchange rates are calculated using the market average daily closing rate over the course of the period.




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




                                                            10

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