Lonmin to cut social and labour plans and freeze ‘non-critical recruitment’
Troubled platinum producer Lonmin plans to cut spending on social and labour projects and freeze "non-critical recruitment", part of an array of measures to save cash, according to an unpublished presentation reviewed by Reuters. Not for the first time, the miner is facing an uncertain future after delaying annual financial results earlier this month pending conclusion of a business review, a move that sent its shares down 30% in a single day. In the presentation to stakeholders earlier this month, the company signaled it would stop all discretionary spending and save R250m via energy and water initiatives. It also reiterated plans to cut capital spending.