Lonmin Dec output ahead of ramp-up target
JOHANNESBURG (miningweekly.com) – Platinum miner Lonmin on Thursday reported that its production for the quarter ended December 31, 2012, had “substantially exceeded” its planned production ramp-up following labour disruptions late last year.
The company produced 185 497 oz of platinum in concentrate during the first quarter of the 2013 financial year, while platinum sales amounted to 108 342 oz.
“This demonstrates the successful execution of the operational plans we put in place for the safe restart and ramping up of production following the labour unrest that preceded the period,” the mining company said in a statement.
While the first-quarter production figures were higher than expected, 0.7% lower than the ounces produced in the first quarter of the 2012 financial year.
Total refined output for the quarter was 135 455 oz of saleable platinum, up 18.9% on the first quarter of the previous year.
Lonmin stated that the discrepancy between metal-in-concentrate and refined production was the result of the planned restocking of the pipeline following the six-week strike and the re-establishment of stable metal flows through the value chain.
“We have successfully filled the pipeline and our stocks are in a healthy position,” the miner noted.
Further, Lonmin stated the second quarter of the 2013 financial year was, encouragingly, proceeding well.
Therefore, the company retained its production guidance for the full year at 680 000 oz of platinum-in-concentrate and its sales target at 660 000 oz of platinum.
Its capital expenditure guidance of $175-million and its unit cost guidance of about R9 350 per platinum-group-metal ounce remained unchanged.
Meanwhile, the search for a successor to Ian Farmer, who resigned as CEO in December 2012, was under way.
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