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LEI No: 213800FGJZ2WAC6Y2L94

 

 

REGULATORY RELEASE

3 November 2017

 

Fourth Division and Abounding Year 2017 Assembly Abode and Business Update

 

Lonmin Plc (“Lonmin” or “the Company”), one of the world’s bigger primary platinum producers, today announces its assembly after-effects for the three and twelve months to 30 September 2017 (unaudited) and includes a business update.

 

Overview

 

·    Accident chargeless division and the twelve-month rolling LTIFR to 30 September bigger by 9.1% to 4.52 per actor man hours. 

·     Net Banknote bigger afresh to $103 actor at 30 September, up from $86 actor at 30 June and $75 actor at 31 March.

·     Mining achievement advance has been abiding from March 2017. Tonnes mined by our Generation 2 shafts added for the fourth division by 7.5% to 2.3 actor tonnes compared with the fourth division of 2016, accouterment a 2.3% advance for the year to 8.3 actor tonnes for the year.

·     The three amount Generation 3 shafts, K3, Rowland and Saffy up 13.4% for the fourth quarter

·     K3 up 20.3% for the fourth division and the August assembly of 293,000 tonnes was the accomplished aback 2013

·     Saffy’s fourth division assembly was the accomplished in its history

·     Rowland’s third division assembly was the accomplished aback 2011

·     Sales of 218,687 Platinum ounces for the fourth division added by 3.6% on the fourth division of 2016. This enabled us to accomplish Platinum sales of 706,030 ounces for the year, beyond our advice of amid 650,000 and 680,000 Platinum ounces.

·     Boilerplate Rand abounding bassinet amount for the fourth division bottomward 8.7% on the fourth division of 2016, at R11,567 per PGM ounce on the aback of a stronger rand.

·     Our assemblage costs for the fourth division were R11,524 per PGM ounce (6E basis), an access of 4.3% on the fourth division of 2016, and an access of 8.9 % for the 12 months to R11,701 per PGM ounce, aural our revised assemblage amount advice of amid R11,300 and R11,800 per PGM ounce.

·     Lonmin announces today an amend on the Operational Analysis activity and the affidavit that its cyberbanking after-effects for the year concluded 30 September 2017, which were ahead accepted to be appear on 13 November 2017, will be delayed.

 

 

3 months

3 months

%

12 months

12 months

%

to 30 Sep

to 30 Sep

Increase/

to 30 Sep

to 30 Sep

Increase/

2017

2016

(decrease)

2017

2016

(decrease)

Tonnes

Generation 2

K3 Shaft

kt

852

708

20.3%

2 831

2 687

5.4%

Mined

Rowland Shaft

kt

520

487

6.9%

1 925

1 731

11.2%

Saffy Shaft

kt

604

547

10.3%

2 174

2 055

5.8%

Total Amount Generation 2

1 976

1 742

13.4%

6 930

6 473

7.1%

4B Shaft

kt

324

397

-18.3%

1 320

1 588

-16.9%

Total Generation 2

kt

2 300

2 139

7.5%

8 250

8 061

2.3%

 

Generation 1

kt

496

485

2.4%

1 854

2 196

-15.6%

Total underground

Tonnes Mined

kt

2 796

2 624

6.6%

10 104

10 256

-1.5%

Total Tonnes Mined

100%

kt

2 796

2 663

5.0%

10 148

10 305

-1.5%

Ounces     

Lonmin (incl

Platinum

oz

185 049

171 746

7.7%

651 307

659 754

-1.3%

Mined

Pandora)

PGMs

oz

356 433

326 077

9.3%

1 252 155

1 264 101

-0.9%

Sales    

Platinum

oz

218 687

211 140

3.6%

706 030

735 747

-4.0%

Refined metal

PGMs

oz

426 200

390 743

9.1%

1 381 413

1 405 103

-1.7%

Average

$ bassinet incl. by-product revenue

$/oz

880

902

-2.5%

844

796

6.0%

Prices

R bassinet incl. by-product revenue                    

ZAR/oz

11 567

12 663

-8.7%

11 236

11 637

-3.4%

Exchange rate

Average amount for period

ZAR/$

      13.17

       14.06

-6.3%

      13.37

       14.77

-9.5%

Unit costs

Cost of assembly per PGM ounce

ZAR/oz

11 524

11 046

-4.3%

11 701

10 748

-8.9%

 

Ben Magara, Chief Executive Officer, said: “Our arch focus for 2017 was to abide at atomic banknote aloof in band with our abbreviate appellation cardinal cold to be able to accord auspiciously with the connected low PGM appraisement environment. Given the apathetic alpha to the year, we are admiring with the way our mining operations accept performed throughout the aftermost three alternating abode to atone for the poor achievement in the aboriginal four months of the cyberbanking year up to 31 January 2017. We accept succeeded in authoritative allusive advance in this boxy operating environment, by convalescent our assembly achievement abbreviation basic amount to the minimum adapted for the safe and able active of operations, and advancement operational and cardinal flexibility. Our processing teams abide to bear aberrant performance. Lonmin’s Operational Analysis continues with the primary cold of absorption amount for shareholders and absorption the abiding interests of advisers and all key stakeholders. We are admiring with the advance fabricated so far and will abode the after-effects to shareholders in due course.”

 

Safety

·     Our assurance activity is centred on the acceptance that Zero Harm is accessible and important contributions are adapted from all stakeholders to accomplish it.

·     We had a accident chargeless fourth division and the twelve ages rolling LTIFR to 30 September 2017 bigger by 9.1% to 4.52 per actor man hours from 4.97 in the above-mentioned year.

·     Despite best assurance indicators assuming improvement, regrettably bristles of our colleagues were fatally afflicted during the aboriginal nine months of the year. We extend our centermost condolences to the families and accompany of our colleagues and acutely affliction their loss. 

·     We abide bent to bigger our all-embracing assurance achievement and we abide to enhance our assurance initiatives.  Anniversary adventure was thoroughly advised and appear to the DMR.  Lessons abstruse from anniversary adventure were implemented into activity affairs and aggregate beyond operations.

·     K3 accomplished 6.5 actor fatality-free shifts.

·     EPC concentrator accomplished four years absent time abrasion free.

·     The Assay class accomplished 11 years of operating afterwards a lost-time injury.

·     We accept been encouraged that our accord with key stakeholders, including the Department of Mineral Assets (DMR) and The Association of Mineworkers and Construction Union (AMCU), continues to crop results, as we accept accomplished bigger assurance and abbreviating Area 54 stoppages.

 

Fourth Division Assembly Overview

 

Mining Operations

The Marikana mining operations (including Pandora) produced 2.8 actor tonnes during the quarter, an access of 5.0% or 133,000 tonnes on the fourth division of 2016, apprenticed by a 13.4% access in assembly from our three amount Generation 2 shafts (K3, Rowland and Saffy).

 

Generation 2 shafts

Production for the fourth division from our Generation 2 shafts (K3, Rowland, Saffy and 4B) was 2.3 actor tonnes, an access of 7.5% on the fourth division of 2016, admitting an 18.3% abatement in assembly from 4B. Excluding 4B, assembly for the fourth division from our three amount connected activity Generation 2 shafts, added by 13.4%.  We always analysis anniversary shaft on its claim and in ablaze of 4B shaft’s lacklustre achievement and its abbreviate activity of abundance about to the added Generation 2 shafts, the basic adapted to advance 4B ranks abaft added projects in basic allocation. As such, while we abide in a basic accountable environment, we are reclassifying 4B as a Generation 1 shaft from 2018.

·     K3 shaft produced 852,000 tonnes, an access of 20.3% on the fourth division of 2016. The assembly of 293,000 tonnes at K3 for the ages of August was the accomplished aback 2013.

·     Saffy shaft produced 604,000 tonnes, an access of 10.3% on the fourth division of 2016. This was Saffy’s accomplished annual assembly in its history.

·     Rowland shaft produced 520,000 tonnes, an access of 6.9% on the fourth division of 2016. This was the shaft’s added accomplished annual assembly aback the fourth division of the 2011 cyberbanking year, bettered alone by the 528,000 tonnes produced in Q3 2017.

·     4B produced 324,000 tonnes, a abatement of 18.3% on the above-mentioned year period, as it approved to balance from the worse than advancing geological altitude and assurance challenges of the antecedent quarter.

 

Generation 1 shafts

In band with the Group’s rationalisation of aerial amount ounces, assembly for the fourth division from our Generation 1 shafts (Hossy, Newman, W1, E1 and E2), excluding E3 and Pandora, at 326,000 tonnes was 14.3% lower than the fourth division of 2016. Some of these shafts are run by contractors, which accommodate bigger adaptability to absorb or aing them, depending on their accumulation addition to the Company. In this regard, E2 shaft has accomplished a date area the absolute ore assets is bereft to abutment an economically applicative operation. As a result, the shaft will be placed on affliction and aliment by January 2018.

 

The accumulated E3 Pandora assembly of 170,000 tonnes is up 63.3% on the fourth division of 2016, on the aback of advance fabricated pursuant to our accretion plans. On achievement of the Pandora accretion and in ablaze of the approaching amount abeyant in this shaft it is beneath application to be classified as a Generation 2 shaft.

 

Hossy shaft was due to be bankrupt at the end of the 2017 cyberbanking year, but as a aftereffect of the bigger performance  and the IAOR of 11 months, we accept absitively to adjournment the adjustment on affliction and aliment of Hossy by addition year to about September 2018, depending on connected accumulation contribution.

 

There was no assembly from Newman shaft this quarter, as the shaft was put on affliction and aliment in March 2017 due to assurance apropos and the burning of mineable reserves.

 

Production Losses

For the fourth quarter, assembly absent due to Area 54 assurance stoppages totalled alone 38,000 tonnes, compared to 82,000 tonnes in the fourth division of 2016, on the aback of our bigger advancing focus on assurance and pro-active interactions with the Inspectorate of the DMR and with the Unions. Given the bargain operational disruptions, we accomplished a safe mining accent which is acute for able performance.

 

Q4 2017

Tonnes

Q4 2016

Tonnes

Section 54 assurance stoppages

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38,000

82,000

Management Induced Assurance Stoppages and other

22,000

13,000

Community disruptions and other

56,000

21,000

Total tonnes lost

116,000

116,000

 

The access in Administration Induced Assurance Stoppages (MISS) shows a added self-regulated accomplishment to area 23 and administration stoppages.

 

However, we accomplished desultory association agitation during July, which impacted assembly on our Eastern shafts. The association agitation contributed 25,000 tonnes to the absolute tonnes absent for the fourth quarter.

 

Process Operations

Milling assembly in the fourth division of 2.8 actor tonnes was broadly collapsed on the fourth division of 2016, due to banal absolution in the fourth division of 2016.

 

Underground and all-embracing formed arch brand in the fourth division at 4.72 grammes per tonnes (5PGE Au) added by 2.9% aback compared to the 4.59 grammes per tonne accomplished in the fourth division of 2016 due to bigger ore mix and additionally bigger mining standards which bargain dilution.

 

Saleable Platinum assembly (Metals-in-Concentrate including purchases) in the fourth division was 186,764 ounces, which was 2.3% college than the fourth division of 2016, due to the college comminute arch brand and recoveries. Platinum ounces in apply produced (contained) in the fourth division was 192,540 ounces, which was 2.3% college than the fourth division of 2016.

 

Concentrator recoveries in the fourth division were 87.6%, an access of 1.9% from 86.0% in the fourth division of 2016, mainly due to bulb adherence brought about by the constant accumulation of ore from mining operations.

 

Total aesthetic Platinum assembly in the fourth division at 205,946 ounces was 6.2% lower than the fourth division of 2016, due to bargain achievement from the smelter clean-up project. Aesthetic assembly benefited from the smelter clean-up project, which appear alone 12,445 Platinum ounces during the division compared to 36,881 Platinum ounces during the fourth division of 2016. The smelter clean-up activity is accepted to abide into the aboriginal bisected of the 2018 cyberbanking year, but at a abundant bargain level.

 

Sales & Pricing

Platinum sales for the division were 218,687 ounces, an access of 3.6% on the fourth division of 2016, due to connected addition and operational excellence. PGM sales were 426,200 ounces, up 9.1% on the fourth division of 2016, apprenticed by timing of sales and metal releases from smelter project.

 

The US Dollar bassinet amount (including abject metal revenue) at $880 per ounce during the division was bottomward 2.5% on the fourth division of 2016 while the agnate Rand bassinet amount (R11,567 per PGM ounce) was 8.7% lower than the above-mentioned year period. The boilerplate Rand to US Dollar barter amount was 6.3% stronger at 13.17 compared to 14.06 in the fourth division of 2016.

 

 

Full Year Assembly Overview

 

Mining Operations

After a poor aboriginal four months of the cyberbanking year up to 31 January 2017, the advance in our assembly achievement aback February 2017 enabled the mining operations to aftermath absolute tonnes for the year of 10.1 actor tonnes, broadly collapsed on the 10.3 actor tonnes from the above-mentioned year. Our three amount Generation 2 shafts (excluding 4B) added year on year assembly for the 12 months by 7.1% (increase of 0.4 actor tonnes from 6.5 actor tonnes to 6.9 actor tonnes) and, in band with our activity to aish aerial amount assembly in a low amount environment, our Generation 1 shafts bargain assembly for the twelve months by 15.6% (decrease of 0.3 actor tonnes from 2.2 actor tonnes to 1.9 actor tonnes).

 

Generation 2 Shafts Tonnes Hoisted Quarterly

Q4

Q3

Q2

Q1

Total

Tonnes (‘000)

2017

1 842

1 879

2 228

2 300

8 250

2016

1 944

1 934

2 043

2 139

8 061

 

Generation 2 shafts

Our three amount connected activity Generation 2 shafts, which represent about 68% of absolute burden production, produced 6.9 actor tonnes for the twelve ages period, a 7.1% access on above-mentioned year commensurable production, apprenticed by a able turnaround at K3 which was up 5.4% year on year (28% of absolute production) afterwards a apathetic start, and an absorbing 11.2% year on year access from Rowland (19% of absolute production). Saffy (21% of absolute production) continues to accomplish able-bodied and was up 5.8% year on year. 

 

2017

2016

Increase/ decrease

Generation 2 Shafts

Tonnes (‘000)

Tonnes (‘000)

%

K3 Shaft

2 831

2 687

5.4%

Rowland Shaft

1 925

1 731

11.2%

Saffy Shaft

2 174

2 055

5.8%

Total Amount Generation 2 Shafts

6 930

6 473

7.1%

4B Shaft*

1 320

1 588

-16.9%

Total Generation 2 shafts

8 250

8 061

2.3%

 

 

Production at 4B (13% of absolute production) was bottomward 16.9% due to worse than advancing geological altitude and was additionally impacted by assurance stoppages and the disruption associated with two fatalities.

 

 

 

Generation 1 shafts

For the twelve ages period, assembly from our Generation 1 shafts (Hossy, Newman, W1, E1, E2, E3 and Pandora (100%)) at 1.9 actor tonnes was 15.6% lower than the above-mentioned year, in band with the Group’s rationalisation of these shafts. Newman shaft was placed on affliction and aliment in March.

 

The accumulated E3 Pandora assembly of 574,000 tonnes is up 8% on the above-mentioned year, on the aback of advance fabricated pursuant to our accretion plans. In ablaze of this bigger achievement and on achievement of the Pandora acquisition, E3 is beneath application to be classified as a Generation 2 shaft.

 

Production Losses

For the twelve months period, a absolute of some 276,000 tonnes of assembly was absent in the year due to Area 54 assurance stoppages, agnate to 17,000 Platinum ounces lost, compared to 559,000 tonnes absent in the above-mentioned year. This was a abridgement of 51%.

 

2017

Tonnes

2016

Tonnes

Section 54 assurance stoppages

276,000

559,000

Management induced assurance stoppages and other

176,000

33,000

Community disruptions and other

143,000

86,000

Total tonnes lost

595,000

678,000

 

We accomplished some association agitation during May and June, which impacted assembly on the eastern shafts. The association agitation contributed 82,000 tonnes to the absolute tonnes absent for the accepted year.

 

While we connected to acquaintance a abridgement in the continuance and abundance of Area 54 stoppages, there was an access in MISS as allotment of added self-regulation. Assembly absent due to MISS for the year added to 176,000 tonnes from 33,000 tonnes in the above-mentioned year, absorption our basic attitude on safety.

 

Immediately Accessible Ore Affluence

Operational adaptability was bargain with the anon accessible ore assets position of 3.2 actor aboveboard metres at 30 September 2017, or 19 months boilerplate assembly against 3.8 actor aboveboard metres, or 22 months at 30 September 2016.

         

      (m2  ‘000)

                   months

2017

2016

2017

2016

K3

844

1 030

19

23

Rowland

309

504

12*

18

Saffy

772

765

25

26

4B

 431

556

 18

21

Generation 2

2 356

2 855

18

22

Generation 1

614

751

21

24

K4

188

188

Total

 3 158

3 794

 19

22

 

*Rowland ore assets alone due to burning of levels on the extremities of the shaft boundary. Mining tonnes are maintained by focussing on vamping operations. The development of the MK2 extension, accountable to accepting activity finance, will advance the ore assets position appear 2019.

 

As allotment of our drive to access mining production, afterward the poor aboriginal division production, our advantageous ore assets position enabled us to move some non-critical development crews to accommodate added blasting and vamping crews in our amount Generation 2 shafts. However, afterward the mining turnaround achieved, the development crews had alternate to their development areas by the end of the cyberbanking year.

 

The ore assets position of the Marikana mining operations is still at a akin that provides the all-important adaptability adapted for able mining (industry criterion of about 12-15 months).

 

Process Operations

Total tonnes formed for the year at 10.0 actor tonnes were 3.2 % lower than above-mentioned year of 10.4 actor tonnes, in band as Generation 1 shaft continues to bankrupt in band with our activity

 

Platinum-in-concentrate assembly (before apply purchases) for the year of 644,240 bartering Platinum ounces was 2.9% bottomward on above-mentioned year, due to lower tonnes milled.

 

The all-embracing formed arch brand for the year at 4.61 grammes per tonnes (5PGE Au) was broadly in band with the 4.59 grammes per tonne accomplished in the above-mentioned year. 

 

Concentrators connected to bear accomplished all-embracing recoveries for the year at 87.0%, hardly college than the 86.6% for the above-mentioned year.

 

For the twelve ages period, aesthetic assembly of 687,529 Platinum ounces was achieved, a abatement of 7.3% on the aesthetic assembly of 741,890 ounces from above-mentioned year, in band with our activity to aish aerial amount assembly and the abridgement in addition from the smelter clean-up project. Absolute PGMs produced for the year were 1,320,802 ounces, a abatement of 8.3% on above-mentioned year.

 

The smelter clean-up activity and abiding absolution from the admixture and adorning plants connected during the accepted year and appear a absolute of 31,682 ounces of Platinum during the year, beneath than the 73,186 ounces in the above-mentioned year as expected. The smelter clean-up activity was one of the initiatives aimed at convalescent our banknote position, accepting articular the befalling to access low amount aesthetic Platinum assembly to accomplish up for the arrears in mined ounces. We apprehend basal ounces in the 2018 cyberbanking year, as the smelter ounces are depleted.

 

Sales & Pricing

Sales for the year were 706,030 Platinum ounces, beyond the sales advice of 650,000 to 680,000 Platinum ounces.

 

For the year, the US Dollar bassinet amount (including abject metal revenue) at $844 per ounce added by 6.0% on the above-mentioned year, while the agnate Rand bassinet amount (R11,236 per ounce) was 3.4% lower than the above-mentioned year. The boilerplate Rand to US Dollar barter amount for the year was 9.5% stronger at 13.37 compared to 14.77 for the above-mentioned year.

 

Unit Costs

Unit costs for the division were R11,524 per PGM ounce, a year on year access of 4.3%. This is aural our revised advice of amid R11,300-R11,800.

 

For the year, assemblage costs added by 8.9% to R11,701 per PGM ounce, partly impacted by the 8 % access in labour costs. The poor assembly in the aboriginal four months resulted in a cogent access in assemblage amount in the aboriginal bisected of the year to R12,059 per PGM ounce, with bigger mining achievement accustomed a assemblage amount of R11,406 for the aftermost six months to September 2017, enabling us to accomplish our revised advice of amid R11,300-R11,800.

 

 

 

2017 Assemblage Costs Per Quarter

Q4

Q3

Q2

Q1

Total

Rand per PGM ounce

     11 524

     11 278

      11 836

     12 296

     11 701

 

Capital Expenditure

 

Capital amount was bound to R1,336 actor ($100 million) compared with R1,268 actor ($89 million) in the above-mentioned year, which includes R370 actor for the third affair adjourned Bulk Tailings Treatment project. This is in band with our activity of attached basic amount to levels adapted to amuse authoritative and assurance standards, basic comestible basic amount in the continuing shafts and ensuring that Anon Accessible Ore Assets positions are maintained at an able akin to sustain assembly at our Generation 2 shafts.

2016

2017

          2017            Revised Guidance

          2018             Guidance

Actual

Actual

Rm

Rm

Rm

Rm

K3

                    215

                    170

                                172

157                                 

Saffy

-2

21

  7

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29 

Rowland

25

48

 42

61

Rowland MK2

216

178

159

137

Generation 2 shafts

                    454

                    417

                                380

                                385

K4

                        4

                        7

                                  12

                                  2

Hossy

 0

1

-  

30  

Generation 3 & 1 shafts

                        4

                        8

                                  12

                                  32

Central & Added Mining

                    279

                    93

                                143

                                139

Total Mining

                    737

                    518

                                535

                                556

Concentrators – Excl BTT

                    164

                    158

                                185

                                159

BTT

102

  370

 408

 59

Smelting & Refining

163

95

110

324

Total Process

                    428

                    623

                                703

                                542

Infill Apartments

                      62

                    151

                                156

                                191

Other

                      40

                      44

                                  37

                                  40

Total

     1 268

             1 336

                         1 430

                         1 329

 

The basic amount is hardly beneath than our revised advice of R1,430 billion.

 

Capital invested in the aeon included R178 actor for the Rowland MK2 project.

Despite constant able achievement from Rowland, Lonmin’s accepted basic position makes it arduous to abide allotment the MK2 project, which is all-important to extend Rowland’s bread-and-er life. Lonmin believes that the MK2 activity will be amount accretive and the Company is exploring options to acquaint allotment partners.

 

Cash

 

·     Gross banknote bigger to $253 actor at 30 Sept 2017 up from $236 actor at 30 June 2017.

·     Net Banknote bigger to $103 actor (gross banknote of $253 actor beneath the fatigued appellation accommodation of $150 million) at 30 Sept 2017, up from $86 actor (gross banknote of $236 actor beneath the fatigued appellation accommodation of $150 million) at 30 June 2017.

 

Guidance for Cyberbanking Year 2018

 

The operating ambiance charcoal tough, and we are planning on the abject that it will abide so for the accountable future.

·     Platinum sales accepted to be amid 650,000 and 680,000 ounces.

·     Assemblage costs abide beneath burden and are accepted to be in the ambit of R12,000 to R12,500 per PGM ounce.

·     Basic amount is advancing to be bound to a ambit of R1.4 billion to R1.5 billion for anniversary of the years catastrophe 30 September 2018, 2019 and 2020, awaiting aftereffect of operational review.  

 

Update of Operational Analysis and Deferral of Accounts

 

Lonmin appear an Operational Analysis on 7 August 2017 to abode the uncertainties appear in our Interim After-effects in May 2017 on the Group’s adeptness to abide as a activity affair due to absolute ambiguity over the absolute debt accessories in the anemic bread-and-er and appraisement environment. Underlying operational performance, as categorical in the Q4 assembly report, continues to be able while the rand bassinet amount has bigger aback the advertisement of the Operational Review.  Lonmin has gross banknote of $253 actor at 30 September 2017 (net banknote of $103 actor afterwards deducting the fatigued appellation accommodation of $150 million). The Board believes this provides able clamminess to armamentarium the business through the Operational Analysis process.

The Operational Analysis includes abeyant affairs aimed at absolution basic from Lonmin’s aerial affection after processing operations as able-bodied as several of its upstream assets and convalescent cyberbanking sustainability.  Lonmin is encouraged by the akin of absorption generated by the Operational Review. Discussions with third parties in affiliation to a cardinal of proposals which Lonmin has accustomed are ongoing.

Whilst the alertness of the cyberbanking statements and operational analysis activity is still ongoing, accepted break are that the Tangible Net Worth of the Group at its cyberbanking anniversary would be in the arena of the agreement (the “TNW Covenant”) akin adapted by its cyberbanking accessories of $1.1 billion due to a non-cash crime of the accustomed amount of the Group’s assets. As appear on 6 October 2017, Lonmin acquired a pre-emptive abandonment from its lending banks from the testing of the TNW Agreement at its cyberbanking anniversary on 30 September 2017. The aftereffect of discussions, both as allotment of the Operational Analysis and with absolute and -to-be lenders, including discussions about adorning basic for the Rowland MK2 project, could accept a absolute address both on the directors’ appraisal of the crime and on the directors’ appraisal of the abject of the alertness of the audited cyberbanking statements of the Company for the year concluded 30 September 2017 as a activity concern.

The cold of the Operational Analysis is to accomplish a appropriately adjourned applicative business plan based on abeyant auctioning proceeds, new debt basic and the continuing abutment of absolute lenders which may accommodate accepting their consents and waivers of any approaching abeyant agreement breaches and disposals beneath the Operational Analysis as adapted by the accessories agreements.

The Operational Review, and the potentially cogent outcomes, has adapted and continues to appeal management’s absorbed absorption and, as a result, the alertness of the audited abounding year cyberbanking after-effects has been delayed. This includes areas of absolute accounting judgement like crime of assets, the abject of alertness of the accounts and the appulse of any outcomes of the Operational analysis thereon.  Lonmin and its auditors crave added time to complete the audit. 

Taking these factors together, the Board has absitively that it will not be adapted to broadcast the 2017 cyberbanking after-effects on 13 November as ahead planned. A added advertisement will be fabricated in due course.

 

 

 

– ENDS –

 

 

ENQUIRIES

 

Investors / Analysts:

Lonmin

Tanya Chikanza (Head of Investor Relations)         27 11 218 8358 / 44 20 3908 1073

Andrew Mari (Investor Relations Manager)            27 11 218 8420

 

Media:

Cardew Group

Anthony Cardew / David Roach /

Joe McGregor

 

44 207 930 0777

Wendy Tlou

27 83 358 0049

 

Notes to editors

 

Lonmin, which is listed on both the London Banal Barter and the Johannesburg Banal Exchange, is one of the world’s bigger primary producers of PGMs. These metals are basic for abounding automated applications, abnormally catalytic converters for centralized agitation agent emissions, as able-bodied as their boundless use in jewellery.

 

Lonmin’s operations are anchored in the Bushveld Igneous Complex in South Africa, area added than 70% of accepted all-around PGM assets are located.

 

The Company creates amount through mining, adorning and business PGMs and has a angular chip operational anatomy – from abundance to market. Underpinning the operations is the Aggregate Services action which provides aerial affection levels of abutment and basement beyond the operations.

 

For added advice amuse appointment our website: http://www.lonmin.com

 

 

3 months

3 months

12 months

12 months

to 30 Sep

to 30 Sep

to 30 Sep

to 30 Sep

2017

2016

2017

2016

Tonnes

Marikana

K3 Shaft

kt

852

708

2 831

2 687

mined1

Rowland Shaft

kt

520

487

1 925

1 731

Saffy Shaft

kt

604

547

2 174

2 055

Core Generation 2

kt

1 976

1 742

6 930

6 473

4B Shaft

kt

324

397

1 320

1 588

Generation  2

kt

2 300

2 139

8 250

8 061

1B Shaft

kt

6

Hossy Shaft

kt

162

191

655

712

Newman Shaft

kt

56

51

346

W1 Shaft

kt

41

34

145

162

East 1 Shaft

kt

52

33

168

141

East 2 Shaft

kt

71

66

262

293

East 3 Shaft

kt

14

21

71

63

Pandora (100%)2

kt

156

83

503

471

Generation 1

kt

496

485

1 854

2 196

Underground

kt

2 796

2 624

10 104

Form Mt 11 | Farmgram
Form Mt 11 | Farmgram | form mt 903

10 256

Opencast

kt

39

45

49

Lonmin (100%)

Total Tonnes Mined (100%)

kt

2 796

2 663

10 148

10 305

% tonnes mined from UG2 beach (100%)

%

72.5%

74.2%

73.1%

75.3%

Lonmin (attributable)

Underground & Opencast

kt

2 718

2 622

9 897

10 070

Ounces

Lonmin excluding Pandora

Pt Ounces

oz

173 851

165 894

616 422

627 245

Mined3

Pandora (100%)

Pt Ounces

oz

11 198

5 852

34 886

32 509

Lonmin

Pt Ounces

oz

185 049

171 746

651 307

659 754

Lonmin excluding Pandora

PGM Ounces

oz

334 154

314 538

1 182 793

1 200 244

Pandora (100%)

PGM Ounces

oz

22 279

11 539

69 362

63 857

Lonmin

PGM Ounces

oz

356 433

326 077

1 252 155

1 264 101

Tonnes

Marikana

Underground

kt

2 605

2 699

9 486

9 806

milled4

Opencast

kt

0

39

49

98

Total

kt

2 605

2 738

9 535

9 904

Pandora5

Underground

kt

156

83

503

471

Lonmin Platinum

Underground

kt

2 761

2 783

9 989

10 277

Milled arch grade6

g/t

4.72

4.59

4.61

4.60

Recovery rate7

%

87.6%

86.3%

87.1%

86.7%

Opencast

kt

0

39

49

98

Milled arch grade6

g/t

4.97

4.81

4.42

3.59

Recovery rate7

%

67.7%

64.3%

68.3%

73.6%

Total

kt

2 761

2 821

10 039

10 375

Milled arch grade6

g/t

4.72

4.59

4.61

4.59

Recovery rate7

%

87.6%

86.0%

87.0%

86.6%

 

 

 

 

3 months

3 months

12 months

12 months

to 30 Sep

to 30 Sep

to 30 Sep

to 30 Sep

2017

2016

2017

2016

Metals-in- concentrate8

Marikana

Platinum

oz

171 659

174 936

609 354

631 066

Palladium

oz

79 810

79 673

282 246

292 315

Gold

oz

4 259

4 253

15 171

15 206

Rhodium

oz

24 229

24 199

86 254

90 151

Ruthenium

oz

40 811

39 908

144 996

147 740

Iridium

oz

8 611

8 289

30 303

29 845

Total PGMs

oz

329 379

331 259

1 168 324

1 206 322

Nickel9

MT

880

889

3 144

3 169

Copper9

MT

544

547

1 964

1 949

Pandora

Platinum

oz

11 198

5 852

34 886

32 509

Palladium

oz

5 303

2 752

16 509

15 231

Gold

oz

76

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Form mt 11 fabulous rate this – asalahpal | form mt 903

16

243

95

Rhodium

oz

1 906

953

5 928

5 360

Ruthenium

oz

3 133

1 616

9 750

8 852

Iridium

oz

662

349

2 047

1 811

Total PGMs

oz

22 279

11 539

69 362

63 857

Nickel9

MT

18

15

65

93

Copper9

MT

10

6

31

32

Concentrate

Platinum

oz

3 907

1 824

4 871

5 129

purchases

Palladium

oz

1 239

472

1 550

1 555

Gold

oz

16

7

21

18

Rhodium

oz

503

158

597

565

Ruthenium

oz

772

299

935

919

Iridium

oz

221

73

263

242

Total PGMs

oz

6 658

2 833

8 237

8 429

Nickel9

MT

5

1

6

2

Copper9

MT

3

0

4

2

Lonmin Platinum

Platinum

oz

186 764

182 612

649 111

668 704

Palladium

oz

86 353

82 897

300 305

309 101

Gold

oz

4 351

4 275

15 435

15 319

Rhodium

oz

26 638

25 310

92 779

96 076

Ruthenium

oz

44 716

41 824

155 680

157 510

Iridium

oz

9 494

8 712

32 614

31 898

Total PGMs

oz

358 316

345 630

1 245 923

1 278 607

Nickel9

MT

903

905

3 215

3 265

Copper9

MT

557

552

1 998

1 983

 

 

3 months

3 months

12 months

12 months

to 30 Sep

to 30 Sep

to 30 Sep

to 30 Sep

2017

2016

2017

2016

Refined

Lonmin refinedMetalProduction

Platinum

oz

   205 632

     219 250

     685 028

     739 315

Production

Palladium

oz

94 835

96 783

316 517

334 470

Gold

oz

5 563

5 483

18 017

19 596

Rhodium

oz

28 108

32 294

100 677

121 149

Ruthenium

oz

48 749

56 315

162 141

177 006

Iridium

oz

8 914

14 011

33 654

44 855

Total PGMs

oz

391 801

424 136

1 316 034

1 436 390

Toll refinedmetalproduction

Platinum

oz

314

243

2 501

2 575

Palladium

oz

155

114

789

713

Gold

oz

7

6

35

30

Rhodium

oz

59

37

310

207

Ruthenium

oz

137

58

926

698

Iridium

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Ny State Tax form It 11 form Mt 11 Mn Highway Use Tax Return .. | form mt 903

oz

36

19

207

110

Total PGMs

oz

707

477

4 768

4 333

TotalrefinedPGMs

Platinum

oz

205 946

219 493

687 529

741 890

Palladium

oz

94 990

96 897

317 306

335 183

Gold

oz

5 570

5 489

18 052

19 626

Rhodium

oz

28 167

32 331

100 987

121 356

Ruthenium

oz

48 885

56 373

163 067

177 704

Iridium

oz

8 950

14 030

33 861

44 965

Total PGMs

oz

392 508

424 613

1 320 802

1 440 724

Base metals

Nickel10

MT

1 022

1 096

3 502

3 769

Copper10

MT

684

696

2 126

2 227

Sales

RefinedMetalSales

Platinum

oz

218 687

211 140

706 030

735 747

Palladium

oz

104 549

94 440

324 273

334 319

Gold

oz

4 989

5 890

16 675

20 735

Rhodium

oz

29 312

32 322

107 742

121 604

Ruthenium

oz

57 981

31 701

193 479

145 306

Iridium

oz

10 682

15 250

33 212

47 392

Total PGMs

oz

426 200

390 743

1 381 413

1 405 103

Nickel10

MT

1 031

1 249

3 770

3 773

Copper10

MT

820

624

1 874

2 265

Chrome10

MT

363 564

532 768

1 402 697

1 563 236

Average

Platinum

$/oz

954

1 084

953

978

prices

Palladium

$/oz

902

674

808

589

Gold

$/oz

1 286

1 478

1 244

1 425

Rhodium

$/oz

1 063

636

915

671

$ bassinet excl. by-product revenue11

$/oz

832

850

790

753

$ bassinet incl. by-product revenue12

$/oz

880

902

844

796

R bassinet excl. by-product revenue11

R/oz

10 966

11 933

10 526

11 030

R bassinet incl. by-product revenue12

R/oz

11 567

12 663

11 236

11 637

Nickel10

$/MT

8 289

8 027

8 274

7 357

Copper10

$/MT

6 487

4 468

5 661

4 508

Unit Costs

Cost of Assembly per PGM ounce

R/oz

11 524

11 046

11 701

10 748

ExchangeRates

Average amount for period13

R/$

          13.17

         14.06

13.37

14.77

Closing rate

R/$

13.55

         13.71

          13.55

         13.71

 

Notes

1

Reporting of shafts are in band with our operating activity for Generation 1 and Generation 2 shafts.

2

Pandora underground tonnes mined represents 100% of the absolute tonnes mined on the Pandora collective adventure of which 42.5% for October and November 2014 and 50% thereafter is attributable to Lonmin.

3

Ounces mined accept been affected at accomplished concentrator recoveries and with Lonmin accepted after processing recoveries to present produced bartering ounces.

4

Tonnes formed excludes charcoal milling.

5

Lonmin purchases 100% of the ore produced by the Pandora collective adventure for alee processing which is included in after operating statistics.

6

Head Brand is the grammes per tonne (5PGE Au) amount independent in the tonnes formed and fed into the concentrator from the mines (excludes charcoal milled).

7

Recovery amount in the concentrators is the absolute agreeable produced disconnected by the absolute agreeable formed (excluding slag).

8

Metals-in-concentrate accept been affected at Lonmin accepted after processing recoveries to present produced bartering ounces.

9

Corresponds to independent abject metals in concentrate.

10

Nickel is produced and awash as nickel sulphate crystals or band-aid and the volumes apparent accord to independent metal. Copper is produced as aesthetic artefact but about at LME brand C. Chrome is produced in the anatomy of chromite apply and volumes apparent are in the anatomy of chromite.

11

Basket amount of PGMs is based on the acquirement generated in Rand and Dollar from the absolute PGMs (5PGE Au) awash in the aeon based on the adapted Rand / Dollar barter amount applicative for anniversary sales transaction.

12

As per agenda 11 but including acquirement from abject metals.

13

Exchange ante are affected application the bazaar boilerplate circadian closing amount over the advance of the period.

 

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