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Lonmin Plc Annual Report and Accounts for the Year Ended 30 September 2018

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Lonmin Plc Annual Report and Accounts For the year ended 30 September 2018 Lonmin Plc Annual Report and Accounts for the year ended 30 September 2018 2018 A Solid Performance ready for the next era Lonmin is a primary producer of Platinum Group Metals (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. Saleable by-products from our PGM mining include gold, copper, nickel and chrome. Lonmin has an enviable mine-to-market business. Our core operations, consisting of eleven shafts and inclines, concentrators, a smelter complex and refineries are situated in the Bushveld Igneous Complex and Brakpan in South Africa, a country which hosts around 80% of the world’s economically viable platinum-bearing deposits (reserves). We have a New Order Mining Licence granted by the South African government for our operations, which runs to 2037 and is renewable to 2067. We have resources of 161 million troy ounces (3PGE + Au) and 31 million ounces (3PGE + Au) of reserves. See further information at www.lonmin.com Lonmin Plc / 01 Annual Report and Accounts 2018 Contents 02 What we do 03 Where we operate 04 Key Features Strategic Report Strategic Report 06 Chairman’s Letter 08 Chief Executive Officer’s Letter A summary of the changing landscape we 12 Key Performance Indicators (KPIs) operate in, and how that has shaped our 14 Our Business Model strategy and financial position. Plus a review 16 Our Strategic Approach of performance against our goals and our 20 Market Review and Outlook 22 Principal Risks and Viability approach to running a sustainable business. 30 Performance 30 Operations 38 Financial Review 48 Sustainability Governance Governance 60 Board of Directors 62 Executive Committee We explain how we are organised, what the 64 Corporate Governance Report Board has focused on and how it has 79 Audit & Risk Committee Report performed, our diversity practices, how we 89 Nomination Committee Report communicate with our shareholders and how 91 Directors’ Remuneration Report 102 Directors’ Report our Directors are rewarded. Financial Statements Financial Statements 107 Independent Auditor’s Report 116 Statement of the Directors’ Responsibilities in Respect of the Annual Report and The statutory financial statements of both the Financial Statements the Group and the Company and associated 117 Consolidated Income Statement audit reports. 117 Consolidated Statement of Comprehensive Income 118 Consolidated Statement of Financial Position 119 Consolidated Statement of Changes in Equity 120 Consolidated Statement of Cash Flows 121 Notes to the Accounts 170 Lonmin Plc Company Statement of Financial Position 171 Lonmin Plc Company Statement of Changes in Equity 172 Notes to the Company Accounts A Deeper Look A Deeper Look 180 Consolidated Group Five Year Financial Record 181 Operating Statistics – Five Year Review Key financial and operational statistics over 188 Mineral Resource and Mineral Reserve Statement the past five years and a summary of our mineral resource and mineral reserve information. Shareholder Information Shareholder Shareholder Information 191 Shareholder Information 193 Corporate Information Additional information for shareholders 194 Reporting Calendar including our forthcoming reporting calendar. 194 Acronyms and Abbreviations 195 The Sixteen-Eight Memorial Trust ibc Lonmin Charter www.lonmin.com / 02 Lonmin Plc Annual Report and Accounts 2018 What we do Lonmin explores, mines, refines and markets Platinum Group Metals (PGMs) – Platinum, Palladium, Rhodium, Iridium, Ruthenium and Gold. Platinum is our principal product, and in 2018 was the source of 45% of our revenues and Palladium is our second biggest source of revenue, followed by Rhodium. By-products from PGM mining include Copper, Nickel and Chrome. We generate value from our operations in eight stages: Explore Mine Mill Concentrate Explore for potentially Underground and openpit Crushing ore brought to Separation of metalliferous economic PGM mining of two ‘reefs’, plants to the consistency particles from silicate host mineralisation Merensky and UG2 each of talc, circa 75 microns rock using basic physical approximately 1m thick chemistry Smelt Refine Base Metals Refine Precious Metals Market Further separation of Chemical and electro- Chemical separation of the Three principal customers metals (‘matte’) from silicate chemical separation of base individual PGMs contained for PGMs, all global host rock (‘slag’) using metals (for sale in finished in BMR matte and refining corporations. Six customers electrically-generated heat or semi-finished form) from to purity of 99.95% or for base metals PGMs within the matte better for sale in various finished forms Lonmin Plc / 03 Annual Report and Accounts 2018 Where we operate All our established mining operations are located on the Western Limb Strategic Report of the Bushveld Igneous Complex (BIC) in South Africa. The BIC extends approximately 350 kilometers east to west and approximately 250 kilometers north to south. The western limb of this basin is home to the more established, long-life PGM operations in South Africa in the provinces of Gauteng, Limpopo and North West. The eastern and northern limb of the BIC straddle Governance both the Mpumalanga and Limpopo provinces. Mining activities on the eastern limb began more recently, and are generally smaller and shallower than the western limb. Northern Limb Financial Statements Akanani Limpopo Western Eastern Limb Limb The Bushveld Igneous Complex Marikana A Deeper Look Rustenburg Johannesburg MK3 Shaft Marikana operations K5 Shaft Pandora Deeps Shareholder Information Shareholder K4 Shaft MK2 Shaft Pandora Shallows/E4 Hossy Shaft Saffy Shaft K3 Shaft Rowland Shaft E3 Incline Shaft E2 Incline Shaft E1 Incline Shaft Newman 1 Shaft Incline Shaft 4B Incline Shaft Shaft Mined out areas www.lonmin.com / 04 Lonmin Plc Annual Report and Accounts 2018 Key Features We continue seeking to reposition the business sustainably, not only to withstand the current low PGM price environment we have experienced in the last nine years, but to also seize opportunities to maximise value for shareholders and all our stakeholders. Below we outline some key year-on-year achievements of 2018 vs 2017 and guidance for 2019. • Safety • Financial Highlights – Our safety strategy is centred on the belief that – Operating profit of $101 million (up from an Zero Harm is achievable operating loss of $1,079 million in 2017 – Rolling LTIFR to 30 September improved by following impairment) 11.5% to 4.0 per million man hours year-on-year – Net cash improved to $114 million at – Tragically one fatality on 30 September, 30 September 2018, up from $103 million at ending a 15-month fatality free period at 30 September 2017 Lonmin operations – Revenue of $1,345 million up $179 million on – Improved safety performance and collaboration, the prior year driven by higher PGM prices resulting in Section 54 stoppages reduction, with – Earnings per share of 14.9 cents (up from loss tonnes lost decreasing by 93% year-on-year per share of 352.7 cents in 2017) – Received the prestigious ‘Best Safety – First payment of Employee Profit Sharing Scheme Improvement Mining Company’ award at the – Improved the Company’s liquidity and funding South African National MineSafe 2018 awards arrangement after year end through a new $200 – K3 Shaft UG2 Section won the JT Ryan award million forward metal sale facility with pre-existing Rand and Dollar facilities consequently replaced • Operational Highlights – Platinum sales of 681,580 ounces, exceeded our • Strategic Highlights sales guidance of 650,000 to 680,000 ounces – The all-share offer from Sibanye-Stillwater is – Unit cost increase contained to 5.2% at R12,307 expected to close in early 2019, subject to per PGM ounce, within our unit cost guidance of approval by shareholders and sanction by the between R12,000 and R12,500 per PGM ounce courts of England and Wales – Improved our IAOR from 19 to 21 months, despite – Disposal of our 50% interest in Petrozim for reduction in capital expenditure to R967 million $14.75 million plus gross dividend of $8 million, nears completion – Average Rand full basket price (including base metals) up 19.7% on prior year, at R13,447 per – Lonmin sold its approximately 6.8% stake in PGM ounce Wallbridge Mining Company Limited, for a total consideration of $3 million – Generation 2 shafts production increased by 1.6% to 7.6 million tonnes – Reduced high cost production by 13.2% in line • 2019 Guidance with strategy – Platinum sales between 640,000 and 670,000 – Concentrators continue to deliver excellent ounces in line with removing high cost production underground mining recoveries of 87.3% in an oversupplied market – Unit costs expected to be in the range of R12,900 to R13,400 per PGM ounce – Capital expenditure anticipated to be limited to a range of R1.4 billion to R1.5 billion, excluding any external funding for the MK2 project Lonmin Plc / 05 Annual Report and Accounts 2018 Balance Sheet Strength Preserved Strategic Report Net cash (per quarter) since 2015 Rights Issue 200 180 $173m 160 140 $114m $114m 120 $103m 100 $91m $86m $m $75m 80 $69m $63m 60 $49m Governance 40 $17m $23m 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY16 FY16 FY16 FY16 FY17 FY17 FY17 FY17 FY18 FY18 FY18 FY18 How we spend the cash we earn We recognise that our business requires inputs from and has an effect on our stakeholders. Financial Statements We see it as crucial that each group feels that their relationship with Lonmin is positive, and that they achieve some net gain, whether financial or otherwise. The analysis below shows how the $1,345 million of cash earned in the financial year was distributed: Payments to Payments to/for bank lenders 1% communities 1% Cash reinvested 9% Government taxes 4% A Deeper Look Payments to employees Payments to 50% suppliers* 35% * A significant proportion will be wages paid to contractors.
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  • Audited Consolidated Financial Statements of Lonmin for 2018

    Audited Consolidated Financial Statements of Lonmin for 2018

    Lonmin Plc / 107 Annual Report and Accounts 2018 Independent Auditor’s Report to the Members of Lonmin Plc 1 Our opinion is unmodified Strategic Report We have audited the financial statements of Lonmin Plc (“the Company”) for the year ended 30 September 2018 which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, and the related notes, including the accounting policies in note 1. In our opinion: • the financial statements give a true and fair view of the state of the Group’s and of the parent Company’s affairs as at 30 September 2018 and of the Group’s profit for the year then ended; • the Group financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRSs as adopted by the EU); Governance • the parent Company financial statements have been properly prepared in accordance with UK accounting standards, including FRS 101 Reduced Disclosure Framework; and • the financial statements have been prepared in accordance with the requirements of the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Our audit opinion is consistent with our report to the audit committee.