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LON
LOLMI
LON - Lonmin Plc - UG2 tailings re-treatment contracts for chrome removal
Lonmin Plc
(Incorporated in England and Wales)
(Registered in the Republic of South Africa under
registration number 1969/000015/10)
JSE code: LON
Issuer Code: LOLMI & ISIN: GB0031192486
("Lonmin")
2 March 2010
Lonmin Plc
UG2 TAILINGS RE-TREATMENT CONTRACTS FOR CHROME REMOVAL
Lonmin Plc ("Lonmin" or "the Company") today announces that it has signed two
separate contracts with the Xstrata-Merafe Chrome Venture and ChromTech for
the construction of Chrome recovery plants ("CRP`s") to treat the current
tailings from UG2 concentrators at Lonmin`s Marikana operations. The contracts
involve the construction of two CRP`s, each of which will be built and
operated by the Xstrata-Merafe Chrome Venture and ChromTech. Under the terms
of the contracts, the Xstrata-Merafe Chrome Venture and ChromTech will
purchase the Chromite concentrate produced from the CRP`s, which are expected
to be in full production by the second half of Lonmin`s 2011 financial year.
The duration of the contract with ChromTech is approximately five years and
they are expected to treat approximately 0.3 million tonnes of Chromite
concentrate contained in the tailings feed per annum. The duration of the
contract with the Xstrata-Merafe Chrome Venture is based on total volume
treated, rather than a fixed time period, and is expected to treat
approximately 1.5 million tonnes of Chromite concentrate contained in the
tailings feed per annum.
In addition, Lonmin has commenced an initial design study relating to the
construction of PGM recovery plants to recover PGM`s from the UG2 tailings,
following the removal of the Chrome. This process is expected to improve
overall concentrator recoveries.
Ian Farmer, Lonmin`s Chief Executive Officer, commented:
"These agreements mark the continuation of a trend across the industry as PGM
producers look to realise value through Chrome by-product revenues and
improved PGM recoveries".
- Ends -
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Date: 02/03/2010 09:00:02 Produced by the JSE SENS Department.
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