Lonmin PLC Response to update on Farlam recommendations (5915R)
12 December 2016 - 11:35PM
UK Regulatory
TIDMLMI
RNS Number : 5915R
Lonmin PLC
12 December 2016
Lonmin response to presidency update on the Farlam Commission
recommendations
Lonmin Plc notes the update made on Sunday 11 December 2016 by
the Presidency on the steps taken to implement the Farlam
Commission recommendations of 2015. Lonmin has implemented a number
of measures as part of its ongoing housing plan and as the
Presidency statement notes, Lonmin has completed the conversion of
all hostels into 1,908 single and 776 family units. We have fully
complied with the Mining Charter as of December 2014.
The Company's revised housing plan was submitted to the
Department of Mineral Resources in October 2014 as part of the
Company's Social Labour Plans. Following engagement with and
directions provided by the Department of Mineral Resources in
September 2016 requiring certain revisions to Lonmin's housing
plan, the Company is currently reviewing its plan and is confident
that it will submit a plan that is compliant.
Lonmin's revised employee housing strategy, which includes the
construction of infill apartments, is the product of the continuing
survey of employees' housing preferences. Lonmin has taken
proactive steps to meet its obligations despite the unfavourable
economic climate by including long term, sustainable housing
solutions in our capital expenditure budgets.
We continue to work on collaborative projects such as the
Special Presidential Package to improve infrastructure and
housing.
-ENDS -
ENQUIRIES
Investors / Analysts:
Lonmin
Tanya Chikanza (Head of Investor Relations) +27 11 218 8358 /+44 207 201 6007
Andrew Mari (Investor Relations Manager) +27 11 218 8420
Media:
Lonmin
Wendy Tlou (Head of Communication) +27 83 301 9663/+27 11 218 8385
Cardew Group
Anthony Cardew/Emma Crawshaw +44 207 930 0777
Notes to editors
Lonmin, which is listed on both the London Stock Exchange and
the Johannesburg Stock Exchange, is one of the world's largest
primary producers of PGMs. These metals are essential for many
industrial applications, especially catalytic converters for
internal combustion engine emissions, as well as their widespread
use in jewellery.
Lonmin's operations are situated in the Bushveld Complex in
South Africa, where nearly 80% of
known global PGM resources are found.
The Company creates value for shareholders through mining,
refining and marketing PGMs and has a vertically integrated
operational structure - from mine to market. Lonmin's mining
operations extract ore from which the Process Division produces
refined PGMs for delivery to customers. Underpinning the operations
is the Shared Services function which provides high quality levels
of support and infrastructure across the operations.
For further information please visit our website:
http://www.lonmin.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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