BRIEF-Lonmin says CCMA facilitated negotiations with AMCU break down

Wed, 05 Mar - 10:04pm

March 5 (Reuters) - Lonmin PLC LMI.L :

* Update on protected strike action

* CCMA has deemed the respective parties' current position to be too far apart to warrant further mediation at this stage.

* As of today Lonmin has lost around 90,000 saleable platinum ounces

* Unit cost guidance will as a result also be negatively impacted

* Lonmin, Amplats and Implats have proposed a three year wage agreement on a guaranteed package with increases ranging from 7.5 to 9 pct

* Announces that it will not achieve its sales guidance of in excess of 750,000 platinum ounces

* Lonmin remains open to resolution of the impasse with AMCU

* Now expects sales for the full year ending 30 September 2014 to fall further the longer the protected strike continues

* The longer the strike, the greater the impact on higher cost shafts, ability to return to normal operating environment & obviously on jobs -CEO

* We continue to review our options to safeguard the business-CEO

* Source text for Eikon: News Search ID:nRSE5848Ba

* For more news, please click here LMI.L ((London Equities Newsroom; +44 20 7542 7717))

URN: 
urn:newsml:reuters.com:20140305:nWLB007ID:13
Topics: 
STAT ZA GB CMPNY JOB PREC ENR MINE METL BLR RTRS DISP MIN GDM RESF BMAT GOL PGM EUROPE PLAT RES EUROP COM PROD EMRG LEN BACT PREMTL AFR WEU AFE MTAL NRG

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