LONMIN PLC - SMELTER UPDATE
Lonmin Plc
(Incorporated in England)
(Registered in the Republic of South Africa under registration number
1969/000015/10)
Share code: LON
ISIN code: GB0031192486
Issuer code: LOLMI
24 January 2005
Lonmin Plc
Smelter Resumes Normal Operations, Insurance Claims Settled
Lonmin Plc announces today that the repairs to its No. 1 smelter at its Platinum
Group Metals operations in South Africa have now been completed. The first
matte was tapped successfully on 20 January 2005. Operations are expected to
perform at normal levels from February onwards.
The repair costs and additional running costs for the pyromet furnaces and
tolling material have been contained within the $17m estimate indicated in the
last press release on 17 December 2004. Working capital and borrowing estimates
also remain within the levels previously advised to the market.
Lonmin also announces that settlements have been effected with underwriters in
respect of the insurance claims for the smelter explosion in 2002 and the theft
claim from 1999. The total proceeds of R129m have been received in full in cash
and will be accounted for as a credit to costs in the accounts for the six
months to 31 March 2005.
Press enquiries: Anthony Cardew, Cardew Group +44 (0) 7770 720389/+44 (0)20
7930 0777
For further information please refer to our website:
http://www.lonmin.com
Date: 24/01/2005 09:00:12 AM
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