Resilient Lonmin delivers sturdy output, extracts cash from tailings

Embattled but resilient platinum mining company Lonmin, which is enthusiastically embracing the Sibanye-Stillwater’s offer made to it, did all its stakeholders proud in the fatality-free first quarter of its new financial year by putting in a sturdy operational performance that saw sales rise 9%, refined production soar 17% and tailings retreatment generate hard cash. The 33 000-employee Lonmin, which in recent years has had to stave off challenges ranging from police massacres to community protests and severe cash burn, has irrepressibly taken every possible step to keep itself financially liquid, including entering into synergistic and opportunistic transactions with rival producers.