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Company Response

7 Nov 2014

Author:
Lonmin

Lonmin response to World Bank loan allegations

'Lonmin response to Business and Human Rights Resource Centre', 19 Nov 2014:...The IFC...offered [Lonmin] a $100m loan facility. However, this...came with...costly interest rates...therefore we never drew down on it...Since the Inquiry’s inception in October 2012, Lonmin has...[a]s requested by, and agreed with Judge Farlam...not made public statements about the process or...evidence presented...At times our refusal to...negate/refute negative statements about Lonmin...has been to our detriment...In 2006 Lonmin announced a R318-million housing deal...that would have housed 3 000 miners. This deal was never signed because the parties...did not agree on the terms. Lonmin built three show houses for interested employees to view and for Lonmin to survey...preferences...and affordability...Lonmin intended to commence construction based on positive interest...However, employees remained reticent to acquire ownership...Regarding false allegations of transfer pricing...Lonmin pays tax fully and properly in all jurisdictions..Lonmin’s financial statements are prepared in accordance with the International Financial Reporting Standards and assured by independent external auditors. If the AIDC believes there is any impropriety it should report this to the relevant authorities...Lonmin...responds in greater detail to the various allegations made [on its website]...

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