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Platinum metals prices, applications and sources, supply and demand analysis, review of scientific research, by Johnson Matthey, world's leading authority on platinum.
LONDON (MarketWatch) -- Platinum producer Lonmin said Thursday that it mined 2.6 million tonnes in its fiscal fourth quarter, down 20% from the same point a year ago, as planned closures hit production. Recent improvements in U.S. dollar-based PGM pricing have been offset by South African rand
Lonmin's top management is relocating from London to Johannesburg to get a tigher grip on the group's operations which face challenging conditions in 2010.
http://www.miningmx.com/news/platinum_group_metals/lonmin-moves-to-Joburg.htm
South Africa's National Union of Mineworkers (NUM) said on Thursday that Lonmin had rejected its 25 percent wage rise for its members at the platinum producer's operations
http://uk.news.yahoo.com/22/20091015/tbs-uk-lonmin-wages-sb-7318940.html
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Johannesburg, Oct 23, 2009 (Business Day/All Africa Global Media via COMTEX) --
MAJOR restructuring moves are continuing to shake up Anglo American and Lonmin , it emerged from their September quarterly reports yesterday, reflecting pressure on commodities companies as well as unwelcome attempts by Xstrata to merge with both groups.
Global resources group Xstrata last week dropped its proposal for a "merger of equals" with Anglo American . A year ago, it walked away from a hostile bid for Lonmin, the world's third-biggest platinum miner.
Within days of Xstrata's withdrawal, Anglo American CEO Cynthia Carroll announced a major overhaul of the group's global management structure and plans to sell more assets.
As part of the management shake-up, Anglo's coal unit head, Ian Cockerill, left, as did ferrous metals head Philip Baum, and human resources and strategy head Russell King.
Asset sales will include Scaw Metals, Copebras, Cataleo and all its zinc businesses.
Anglo said it would create seven business units based in the core geographic areas for the operations. Their CEOs would report directly to Carroll.
The restructuring was expected to result in a reduction of overhead staff of about 25% and cost savings of about 120m a year.
Carroll has pledged to cut costs by 2bn by 2011.
There has been widespread speculation that after turning away from Anglo, Xstrata could revive its bid for Lonmin, in which it has retained a 24,9% stake. Asked if there had been another approach from Xstrata, Lonmin CEO Ian Farmer said he "could neither confirm nor deny" it.
Tags: ceo coal commodity human resources merger metals platinum sales zinc
Companies: Anglo American plc (AAUKY)
Johannesburg, Sep 09, 2009 (Business Day/All Africa Global Media via COMTEX) --
DIVERSIFIED miner Xstrata and platinum miner Lonmin yesterday declined to comment on growing market speculation that Xstrata was about to make a fresh takeover bid for the world's third-largest platinum producer.
Lonmin's shares rose 6,45% on the JSE, extending last week's 8% rally amid talk that the takeover, valued at about R42bn, could happen as early as next month. Media reports in the UK suggested that Xstrata CE Mick Davis had instructed advisers JPMorgan and Deutsche Bank to study a potential takeover of Lonmin.
This comes as Xstrata's proposed "merger of equals" with Anglo American is proving difficult, and talks about it look set to drag on for longer than expected.
Lonmin declined yesterday to comment "on the speculation", saying it would do so only once it had seen a formal offer from Xstrata. An Xstrata spokesman said the group "does not comment on market speculation or rumour".
The Observer in London reported at the weekend that a move on Lonmin was also likely to force Xstrata to abandon its ambition to merge with Anglo.
Anglo earlier this year spurned Xstrata's proposed merger.
But Xstrata's interest in launching a fresh bid for Lonmin may suggest that it has not given up its dream of becoming a significant platinum player, even if its Anglo bid fails to materialise.
The reports quoted analysts as saying a renewed bid for Lonmin could suggest that an Xstrata- Anglo deal was either dead or turning into a much longer game than expected.
That is because Lonmin, if acquired, would need to be divested in order for Xstrata and Anglo to merge. Anglo Platinum -- majority owned by Anglo American -- and Lonmin are the world's largest and third-largest miners of platinum and their control of more than half of the world's platinum production would raise competition problems.
Tags: london market media merger platinum takeover
Companies: Deutsche Bank AG (DB)
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South African trade union Solidarity Friday said it has rejected platinum producer Lonmin PLC's (LMI.LN) offer to lift workers' wages 7.5%. The union said it continues to demand a 10% increase for miners and officials, as well as a market-related rise in employees' housing allowance. -By Robb M.
http://www.zibb.com/article/5612822/DJ+South+African+Labor+Union+Solidarity+Rejects+Lonmin+Pay+Offer
The International Finance Corporation (IFC), the investment arm of the World Bank, has exercised the final tranche of its investment option in Lonmin. (...
Lonmin Plc announced that application has been made to the UK Listing Authority and the London Stock Exchange for 75,000 ordinary shares of $1 each to be listed to trade on the London Stock Exchange and to be admitted to the Official List upon issuance.
http://today.reuters.co.uk/stocks/KeyDevelopments.aspx?symbol=LMI.L
Lonmin CEO Brad Mills has been appointed ICMM Chairman, succeeding Leigh Clifford, the recently retired CEO of Rio Tinto. Mr Mills has served on the ICMM Council since October 2004 when Lonmin joined the organization.
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Lonmin Plc is the third largest and lowest cost producer of Platinum Group Metals (PGMs), creating value through the discovery, acquisition, development and marketing of minerals ...
Lonmin plc (LSE: LMI, JSE: LOLMI), formerly Lonrho plc, is a producer of platinum group metals operating in the Bushveld Complex of South Africa.
Lonmin Plc Company Profile - View the latest news, market research, credit research, and investment research on Lonmin Plc London United Kingdom http://www.lonmin.com
http://www.alacrastore.com/company-snapshot/Lonmin_Plc-1010093