Lonmin production higher in the first Quarter 2015 - CNBC Africa

Lonmin production higher in the first Quarter 2015

Earnings

by Trust Matsilele 0

Lonmin production higher in the first Quarter 2015.

The group said the group was pleased to report that the Company had been fatality free for the fourth quarter in succession following the one fatality which occurred on 26 October 2013.

(READ MORE: Lonmin begins its post-strike rebuilding process)

“The rolling 12 month average Lost Time Injury Frequency Rate for the 12 months to 31 December 2014 improved by 2.7 per cent to 3.58 incidents per million man hours compared to 3.69 at 31 December 2013,” said Lonmin’s statement SENS.

“Lonmin maintained the strong operational momentum that was built up in Q4 2014 by achieving the highest Q1  production from underground (including Pandora) since 2011.”

The company saw total attributable tonnes mined in the quarter were 2.8 million tonnes, 7.2 per cent.

According to [DATA LON:Lonmin Plc], employee attendance levels have returned quickly to normal levels following the December 2014 holiday period.

“Saleable metal-in-concentrate was the highest Q1 production since 2007 with output of 200,170 Platinum ounces which was a 11.4 per cent ounces higher than the prior reporting period,” added the group.

(READ MORE: Lonmin brings forward hearth rebuild of number one furnace)

“Refined Platinum production of 139,823 ounces was unfortunately impacted by the repairs to the Number One  furnace and decreased by 28.8 per cent. We expect to process the build-up in concentrate stock by the end of the financial year.”

The company said, the Marikana underground mining operations produced 2.7 million tonnes during the first quarter, an increase of 7.9 per cent on the prior year period.

“Production at Karee was 1,124,000 tonnes, an increase of 6.9 per cent on the prior year period. K3, our biggest shaft, increased production by 8.2 per cent. We saw limited activity at K4 with 8,000 tonnes produced.”

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