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LON
LOLMI
Lonmin - Lonmin converts its Marikana Mining Licences
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")
9 October 2006
Lonmin converts its Marikana Mining Licences
Lonmin is pleased to announce that its South African operating companies,
Western Platinum Limited ("Western Platinum") and Eastern Platinum Limited
("Eastern Platinum"), have received notification from the Director General of
the Department of Minerals and Energy ("DME") of the successful conversion of
their old order mining rights into new order mining rights in respect of the
Group"s Marikana operations. These rights entitle Western Platinum and Eastern
Platinum to the exclusive right to mine for Platinum Group Metals and associated
metals within the designated property boundaries for the next 30 years with a
right to apply for renewal thereafter for up to a further 30 years. The
Group"s Marikana operations currently represent around 95% of Lonmin"s annual
production.
Western Platinum and Eastern Platinum have each committed to certain
undertakings within their Social and Labour Plan portions of their conversion
applications which will bring these companies into full compliance with the
South African Mining Charter within agreed time frames. The DME has confirmed
that each of Western Platinum and Eastern Platinum are empowered to a level of
18% BEE equity ownership by virtue of Incwala Resources (Pty) Limited"s
ownership in of these companies.
Commenting on the conversion, Lonmin Chief Executive, Brad Mills said: "I am
extremely pleased that we have received our new order mining rights for our
Marikana operations. As a large direct foreign investor, the conversion of our
mining rights removes a fundamental uncertainty around the future of our
operations and gives us great confidence in our current and future capital
commitments to South Africa.
We are pleased to accept the challenges of transforming our business to meet the
requirements of the South African Mining Charter and this vote of confidence by
the South African Government in our progress to date is very welcome.
I would like to thank our colleagues at Incwala Resources who have worked in
close partnership with us to ensure a successful conclusion to this process.
Their advice, input and help in facilitating our application has been
invaluable. I would also like to thank the DME and its entire staff in both the
Klerksdorp and Pretoria offices for their help and assistance in managing this
complex dialogue in a constructive and professional way.
We are committed to working with the DME to satisfy the undertakings made in our
Social and Labour Plan achieving Lonmin"s objectives of transformation and
empowerment which will provide a vital contribution to the ongoing
transformational efforts of the South African Government for South Africa and
its people."
Enquiries:
Alex Shorland-Ball +44 (0)207 201 6060
Vice President,
Investor Relations & Communications
Lonmin will be hosting a newswire call at 7.30 am UK time (8.30 am SA time).
Access number +44 (0)20 8609 0205, UK Freephone Number 0800 358 2705, South
African Freephone Number 0800 999 539. Pin code: 185310#
Lonmin will be hosting a press conference with the Department of Minerals &
Energy and Incwala Resources at 15.30 pm South African time (14.30 pm UK time)
at the Sandton Hilton, 138 Rivonia Road, Sandton, Johannesburg. International
press can dial into this conference on the following numbers: UK: 0800 917 7042,
US: 1 866 752 6302 (press * 0 for the operator) and other countries +27 11 535
3600 (alternative number).
Date: 09/10/2006 08:00:12 AM Produced by the JSE SENS Department
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