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LONMIN PLC - QUARTERLY PRODUCTION REPORT
Lonmin plc
(`Lonmin`)
Reg no: 1969/000015/10
Code: LON
ISIN: GB0031192486
1 February 2005
Lonmin presents quarterly results for the first time and intends in the
future to update the market on a quarterly basis.
Mining Quarter to Quarter to
Dec-04 Dec-03
Tons milled (excluding slag) underground 2,737,105 2,863,609
opencast 761,367 758,592
Total 3,498,472 3,622,201
Tons mined underground 2,792,646 2,905,065
opencast 689,744 533,208
Total 3,482,390 3,438,273
Mine tonnage production for the first quarter was in line with last year
with a slightly higher proportion of opencast ore to underground ore due to
the commencement of mining of the Merensky opencast.
Metallurgy Quarter Quarter
to Dec- to Dec-
04 03
Noble metals in matte kg 10,054 12,502
Refined production of platinum oz 149,066 142,160
palladium oz 64,615 64,044
rhodium oz 16,141 12,922
Total PGMs oz 275,339 253,679
Noble metals in matte were reduced versus last year due to smelter
constraints. Stocks of PGMs increased by some 3,000 kgs of PGMs. Refined
production during the quarter was ahead of last year due to PGM concentrate
stocks being processed prior to the smelter incident.
Sales Quarter to Quarter to
Dec-04 Dec-03
platinum oz 142,061 180,313
palladium oz 60,758 72,156
rhodium oz 18,014 28,537
Total PGMs oz 275,604 350,533
Sales of PGMs were in line with production as compared to the 1st quarter
of 2003 when there was significant reduction of finished metal stocks.
Prices Quarte Quarte
r to r to
Dec-04 Dec-03
Average price received per platinum R 4,910 4,982
ounce
$ 833 751
palladium R 1,238 1,295
$ 209 196
rhodium R 7,149 3,138
$ 1,206 478
The average basket price realised in 2004 at US$18,653 was 25% ahead of the
price achieved in 2003.
Exchange Rate Quarter Quarter
to Dec-04 to Dec-03
Average exchange rate Sterling GBP/$ 1.89 1.74
SA Rand R/$ 5.87 6.65
Closing exchange rates Sterling GBP/$ 1.92 1.79
SA Rand R/$ 5.69 6.68
The Rand continued to strengthen during the period with a 15% movement in
the period-end rate
and a 12% appreciation in the average rate achieved.
The current outlook for the year as a whole remains in line with the
guidance provided to the market
in the press release on 17 December 2004.
End
Press enquiries: John Robinson, Lonmin Plc +44 (0)20 7201 6034
Anthony Cardew, Cardew Group +44 (0)20 7930 0777
This press release is available on www.lonmin.com
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