Yesterday 16/8/2012 we were all overwhelmed by the UK government threats towards the Ecuadorian Embassy in London.Those threats constitute a war act against another nation which,by the way,committed no crime but to provide asylum to a persecuted person as all civilized nations would do.Yesterday the UK based mining company Lonmin PLC with the help of the local police,killed 34 workers who were on strike which is one more NON NEGOTIABLE right of any human being(since animals can’t work)
Yesterday UK government proved that it doesn’t give a damn about human life,human rights,laws and international treaties that IT had signed at first place
Comments are welcome,trolling isn’t,thank you
Here is the company’s profile. Enjoy.
Lonmin (formerly Lonrho PLC) is the world’s third largest primary producer of Platinum Group Metals. The group operates in the Bushveld Complex of South Africa. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. The company was incorporated in the United Kingdom on 13 May 1909 as the London and Rhodesian Mining Company Limited. On 26 July 2008 the assets of Lonrho were demerged. Two publicly listed companies, Lonrho plc and Lonrho Africa plc were created – the former retaining all the non-African businesses and mining assets. In 1999 Lonrho PLC was renamed as Lonmin plc and a new era as a focused mining company began. Since then it has divested itself of all non-core assets.
HL Comment (14 November 2011)
London headquartered Lonmin, the world’s third-largest platinum producer announced its final results for the year ended 30 September earlier today, 14 November. A strong performance was registered by the group with platinum sales totalling 721,000 ounces, meeting its 2011 sales target. This was despite a strike at its Karee operations that forced the company to cut output targets and drive up unit costs. The outcome saw Lonmin dismiss 9,000 workers. Capital expenditure to support the future growth of the business was $410 million in the 2011 financial year. Expenditure in 2012 is planned at around $450 million to enable the miner to develop sufficient ore reserves to help attain its long term production target of 950,000 ounces of platinum per year. Revenues climbed to $1.99 billion, while underlying profit before tax was up 32.9% to $315 million. Both figures were at the higher end of market forecasts. Management expressed caution and market unpredictability in the short term outlook with the objective to being prepared to respond to more favourable conditions in the medium and longer term.
The group’s operations and future projects are based in South Africa. The company is subsequently exposed to government and regulatory-related risks in South Africa.
Lonmin is a single commodity company and therefore displays greater earnings risk than a diversified metals and mining company.
The miner’s safety record has been in the spotlight with 6 fatalities recorded since the beginning of its 2011 financial year.
Operational disruption caused by workforce issues presented challenges for the group. During the year, ten production days were lost because of an illegal strike at its Karee operations.
Lonmin targets sales of 750,000 platinum ounces in 2012, with the longer term goal to achieve its optimal capacity of 950,000 platinum ounces.
Platinum, besides being universally used in jewellery, is also used in catalytic converters that cut pollution from car exhausts.
The board recommended a final dividend of 15 cents per share, unchanged from last year.
Xstrata PLC, the global diversified mining group retained a 24.9% stake in Lonmin, following a failed takeover bid in 2008.
On balance, market consensus indicates a hold. Read the rest of the article