Lonmin reports increased Q3 PGM sales despite lower production
Platinum producer Lonmin mined 2.6-million tonnes of ore for the quarter ended June 30, which is a 3.1% year-on-year decrease, partly reflecting the planned reduction in mining from Generation 1 shafts and in line with company strategy to reduce high-cost production in a low-cost industry environment.
The miner reported that concentrator recoveries continue to be excellent, improving to 87.4% in the third quarter of the current financial year, from 86.8% in the comparable quarter last year.
Platinum group metal (PGM) sales increased by 2% to 352 128 oz for the quarter but platinum sales of 176 121 oz decreased by 2.3% year-on-year.
“The smelters are running normally and we are on track with the planned release of stock that was previously locked up in the smelter. We maintain our full-year sales guidance of 650 000 to 680 000 platinum ounces,” Lonmin said.
The average rand basket price is up 13.1% on the prior year period, at R13.01 per PGM ounce.
Meanwhile, the UK’s Competition and Markets Authority approved the proposed acquisition of Lonmin by precious metals miner Sibanye-Stillwater in June, which is now on target to close in the second half of the year.
Lonmin also entered into a conditional sale of shares agreement to sell the 50% interest in Petrozim Line for $14.7-million to the National Oil Infrastructure Company of Zimbabwe.
Additionally, Lonmin will receive $8-million in the form of special dividends from Petrozim.
The transaction forms part of Lonmin’s ongoing programme to dispose of noncore assets and is expected to be completed in the fourth quarter.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation