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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Lonmin Plc    LMI   GB00BYSRJ698

LONMIN PLC (LMI)
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Delayed Quote. Delayed  - 06/18 05:35:06 pm
45.6 GBp   -2.48%
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Lonmin : Protesters disrupt Lonmin's South Africa platinum mines

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11/09/2017 | 03:27pm CEST
FILE PHOTO: A mine worker speaks on his mobile phone as he returns from the Lonmin mine at the end of his shift, outside Rustenburg

LONDON (Reuters) - Workers employed by Lonmin's community shareholder Bapo Ba Mogale are protesting that they have not been fully paid, causing minor disruption at two of the platinum miner's shafts, the South African-focused firm said on Thursday.

Lonmin, grappling with soaring costs and low platinum prices, briefly shut the two shafts earlier this year when community members held protests to demand jobs.

"We are experiencing minimal challenges as some buses to our E2 and E3 shafts are running later than usual," said Lonmin spokeswoman Wendy Tlou.

"We are monitoring the situation and have added security to assist with the safe transportation of our workers."

Bapo spokesman Vladimir Mogale said the protesting workers had not been fully paid because their traditional council had not receive its five million rand (£267,690) annual economic development funds from Lonmin.

Lonmin's Tlou said only three million rand would be paid to the community in November due to financial constraints and the rest paid in 2018 as the contract requires.

A police spokeswoman said protesters blocked roads and burned tyres on Wednesday night, but the situation was "under control at the moment".

Lonmin struck a deal with the Bapo ba Mogale community which saw it get equity in the miner through an investment company set up by its traditional council and which has been given opportunities to supply services to the mines.

But the Bapo has called for Lonmin's mines to be shut by the mines ministry because it believes the firm has failed to build enough houses or employ and train enough community members.

Lonmin shares were up 3.4 percent to 68 pence at 1209 GMT, having slumped about 30 percent on Friday when the company delayed annual results.

(The story was refiled to correct the share price move in the last paragraph to 30 percent)

(Reporting by Zandi Shabalala; Editing by Veronica Brown and MarkPotter)

By Zandi Shabalala

Stocks mentioned in the article
ChangeLast1st jan.
PLATINUM -0.33% 882.22 Delayed Quote.-4.68%
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Financials ($)
Sales 2018 1 237 M
EBIT 2018 -46,8 M
Net income 2018 -49,7 M
Debt 2018 5,16 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 0,15x
EV / Sales 2019 0,24x
Capitalization 176 M
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Mean consensus UNDERPERFORM
Number of Analysts 10
Average target price 0,67 $
Spread / Average Target 11%
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Managers
NameTitle
Bennetor Magara Chief Executive Officer & Executive Director
Brian Richard Beamish Non-Executive Chairman
Barend Johannes van der Merwe Chief Financial Officer & Executive Director
Jonathan Charles Alexander Leslie Senior Independent Director
Varda Shine Independent Non-Executive Director
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