Lonmin

Source: www.foxbusiness.com --- 17 days ago
Lonmin Hit By Furnace Shutdown ...

Source: www.independent.co.uk --- 9 days ago
Weaker commodities prices, as well as concern about the fate of Xstrata’s stake, left Lonmin more than 8 per cent lighter last night. Xstrata, which this weekend confirmed its interest in a “merger of equals” with Anglo American, owns around 25 per cent of Lonmin, the platinum producer which itself was the subject of an abortive bid from the famously acquisitive Anglo- Swiss miner last year. ...

Source: www.mineweb.com --- 28 days ago
Citigroup and JP Morgan Cazenove will seek investors for the remaining shares. ...

Source: www.platinum.matthey.com --- 16 days ago
Lonmin's pgm production will be affected after it confirmed today (15th June) that it has shut down its Number One furnace. The world's third-largest producer of platinum revealed that a matte run-out occurred on Sunday and that the full repairs are expected to take up to 30 days. In response to the closure, the company has opened three Pyromet furnaces but they only have the capacity to produce half of Number One's 550 tonnes of matte per day. "In order to mitigate the impact on production of this shutdown and repair, our three Pyromet furnaces have already been started up and are expected to tap matte in seven days," said a statement. At this stage, it is unclear how badly pgm output will be impacted, although Lonmin confirmed that more details will be available when a full inspection is conducted. "Guidance regarding the impact of this incident on production and sales for the 2009 financial year will also be given at that time," the company added. Investors will view developments with great interest as Lonmin has a history of missing production targets and incurring difficulties with its smelting facilities. "The news is a blow to the new management team who had made strides in regaining investor trust and in our view highlights that there are better ways to play the pgm cycle," said Liberum Capital Analyst Michael Rawlinson in a note quoted by Reuters. Lonmin revealed last month that it was sticking to its target of selling 70 ...

Source: www.guardian.co.uk --- 17 days ago
Leading shares have lost more than 2.6% of their value - the largest one day decline since 21 May - as falling commodity prices sent miners and oil companies tumbling. A growing feeling that recent talk of recovery might have been premature, plus the continuing strength of the dollar, prompted profit taking in metals like copper, down around 4.5%. Similarly, the price of crude slid by $2 a barrel despite the post-election uncertainty in Iran, a major exporter. Downbeat comments about the probable length of the recession from the CBI and IMF set the gloomy tone and later, US service sector and New York manufacturing figures both came in worse than expected. As for the dollar, it was lifted by comments from Russia on the sidelines of the G8 that its role as the world's main reserve currency was unlikely to change in the near term. Platinum specialist Lonmin led the way down. Its shares dropped 141p to £13 after it was forced to shut down a key furnace in South Africa due to a production problem. The company has a history of smelter problems, and analyst John Meyer at Fairfax said: "Lonmin will provide further guidance on the impact of the furnace outage once it has cooled enough to allow a proper investigation to take place. The company has made considerable investment into the furnace following a number of operating problems which appear to continue." In a sell note, Charles Kernot of Evolution Securities said: "This is not the fi ...

Source: www.platinum.matthey.com --- 16 days ago
A leading banking group has predicted today (16th June) that Lonmin's furnace shutdown could lead to a drop of up to 60,000 oz in pgm production, the Guardian reports. The world's third-largest platinum producer has confirmed that its Number One furnace will be closed for up to 30 days after a molten metal leak occurred over the weekend. Although Lonmin's three Pyromet furnaces can offer 50 per cent of the capacity in the meantime, Investec has expressed its concerns about the eventual impact on output. "Our worst-case scenario estimate is that a 30-day shutdown could reduce 2009 full year sales by around 60,000 oz platinum," the company said in a note quoted by the newspaper. Lonmin has a history of difficulties with its smelting facilities, although it had managed to avoid any major incidents for about two-and-a-half years until its latest problem surfaced. The company's response would be that recent rationalisation means it only has one main furnace, unlike its major rivals Anglo American and Impala Platinum, the Times reports. However, some critics have noted that Lonmin was fortunate because the closure came just two weeks too late to play a part in the finalising of its £300 million rights issue. "For Lonmin, the timing is fortuitous as it has just completed its rights issue to bring net debt down towards zero and remove any serious banking covenant concerns," said Charles Kernot of Evolution Securities in a sell note quote ...

Source: www.financemarkets.co.uk --- 17 days ago
European equities markets were lower Monday, with individual gainers difficult to come by on the main indexes in London, Paris and Frankfurt. The FTSE 100 was 2.61 percent lower to 4,326.01 in London, while the FTSE 250 fell 2.57 percent to 7,493.52. The five biggest losers on the 100 were all in the mining sector, with Lonmin [...] ...

Source: www.dofonline.co.uk --- 17 days ago
FTSE not likely to receive any support from Wall Street as investors in the US are expected to take profit.... ...

Source: www.independent.co.uk --- 16 days ago
Weaker metals prices and news of a furnace shutdown unsettled Lonmin, the platinum producer which led the mining sector lower last night. ...

Source: www.moneyweb.co.za --- 8 days ago
20 000 ounces may be left unprocessed due to the shutdown... ...

Source: www.moneyweb.co.za --- 17 days ago
The repairs are expected to take around 30 days. ...

Source: www.telegraph.co.uk --- 17 days ago
The bluechip London index suffered its biggest daily fall for three weeks. ...

Source: www.ibtimes.com --- 52 days ago
Lonmin Plc swung to a loss and scrapped its dividend in the first half after metals prices fell. ...

Source: www.sharenet.co.za --- 28 days ago
LON - Lonmin Plc - Voting Rights and Capital - Update ...

Source: www.sharenet.co.za --- 31 days ago
LON - Lonmin Plc - Total voting rights and capital as at 31 May 2009 ...

Source: www.sharenet.co.za --- 27 days ago
LON - Lonmin Plc - TR-1: Notification of Major Interest in Shares ...

Source: www.sharenet.co.za --- 28 days ago
LON - Lonmin Plc - Notification of major interest in shares ...

Source: www.wikio.com --- 128 days ago
LONDON - British mining group Lonmin is to axe up to 5,500 workers in South Africa , the company said on Tuesday after reaching a deal with trade unions on a restructuring plan to weather the global downturn. Lonmin , the world's third-biggest produc ... Source : euronews24 ( subscribe ) ...

Source: www.sharenet.co.za --- 92 days ago
LON - Lonmin Plc - Total Voting Rights and Capital as at 31 March 2009 ...

Source: www.wikio.com --- 128 days ago
LONDON - British mining group Lonmin is to axe up to 5,500 workers in South Africa , the company said on Tuesday after reaching a deal with trade unions on a restructuring plan to weather the global downturn. Lonmin , the world's third-biggest produc ... Source : euronews24 ( subscribe ) ...