Lonmin plummets on delay in results
Platinum producer Lonmin says its auditors need more time to assess the impairments of its assets
Lonmin is delaying publishing its results for the year to end-September over the concern that the book value of its assets has fallen under the level agreed with lenders, the platinum miner said in a production update on Friday. Lonmin’s share price plunged 28.32% to R14 at the close on Friday. Lonmin was scheduled to release its results on November 13, but said its auditors required additional time to assess the impairments of its assets. A new date will be announced in due course. "Underlying operational performance, as outlined in the fourth-quarter production report, continues to be strong, while the rand basket price has improved since the announcement of the operational review," CEO Ben Magara said in the statement. Lonmin had gross cash of $253m at September 30, which its board said provided adequate liquidity to fund the business through its operational review process. The group increased its platinum production by 7.7% to 185,049oz in the September quarter from the matching...
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