Lonmin's results for the year to the end of September will be delayed while management concentrates on the operational review announced on 7 Aug. Lonmin said the objective of the review was to achieve a properly funded viable business plan based on potential disposal proceeds, new debt capital and the continuing support of existing lenders which may include obtaining their consents and waivers of any future potential covenant breaches and disposals. It said the review, and the potentially significant outcomes, continued to demand management's undivided attention and, as a result, the preparation of the audited full year financial results had been delayed. The company was due to publish its results on 13 Nov. In an update, the company said the operating environment remained tough, and it was planning on the basis that it would remain so for the foreseeable future. It said platinum sales for 2018 were expected to be between 650,000 and 680,000 ounces. It said unit costs remained under pressure and were expected to be in the range of R12,000 to R12,500 per PGM ounce. Chief executive Ben Magara said: 'Our principal focus for 2017 was to remain at least cash neutral in line with our short term strategic objective to be able to deal successfully with the continued low PGM pricing environment. 'Given the slow start to the year, we are pleased with the way our mining operations have performed throughout the last three successive quarters to compensate for the poor performance in the first four months of the financial year up to 31 January 2017. 'We have succeeded in making meaningful progress in this tough operating environment, by improving our production performance reducing capital expenditure to the minimum required for the safe and efficient running of operations, and maintaining operational and strategic flexibility. 'Our processing teams continue to deliver exceptional performance. 'Lonmin's Operational Review continues with the primary objective of preserving value for shareholders and safeguarding the long-term interests of employees and all key stakeholders. 'We are pleased with the progress made so far and will report the results to shareholders in due course.' Lonmin said the mining performance improvement had been sustained from March. Tonnes mined by its Generation 2 shafts increased for the fourth quarter by 7.5% to 2.3 million tonnes compared with the fourth quarter of 2016, providing a 2.3% improvement for the year to 8.3 million tonnes for the year.
0.00 (0.00%)delayed 17:30PM