Force majeure with some suppliers, not customers , says Lonmin
Platinum-mining company Lonmin had declared force majeure on some suppliers but not on customers, Lonmin CEO Ben Magara said as South Africa’s platinum strike entered its eleventh week.
Magara said Lonmin had no prospective liabilities for failing to meet its own supply commitments to customers, who had been made acutely aware of the reality of the strike.
“Our conversations with our customers give them a sense of the action that they must take for themselves over time,” he told a media roundtable at question time.
In anticipation of the strike, Lonmin had sold less platinum than it had pro-duced and “our platinum barrel is not yet empty”.
“We are feeding our customers with whatever we have,” the Lonmin CEO added.
Buying on the open market to supply customers, which would be considered a last resort, was not necessary for Lonmin at this point.
With Lonmin in a closed period until May 12, the exact size of its stockpile had to remain undisclosed until that date, when the London- and Johannesburg-listed company’s interim results would be presented.
Meanwhile, Lonmin remained in a strong financial position with cash of R2-billion on hand.
“Our balance sheet position is very stable and competitive,” Magara told journalists.
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