Lonmin, the world’s third-largest platinum miner and target of an all-share takeover by Sibanye-Stillwater, maintained its full-year platinum sales target despite a third-quarter dip. Lonmin, which has run into financial difficulties, has embraced the takeover offer from Sibanye, a gold and platinum miner. Lonmin is in the process of cutting 12,600 jobs at its mines as it shuts old, unprofitable mines. In its third-quarter production and sales update, Lonmin noted that while its platinum sales fell by 2.3% to 176,121oz in the three months to end-June, compared with a year earlier, its overall sales of platinum group metals were up 2% to 352,128oz, with higher ruthenium and iridium sales. "Platinum sales for the nine months to June 30 2018 were 463,870oz and we are maintaining our sales guidance for the year of 650,000oz to 680,000oz," the company said.
Lonmin achieved a 13% higher rand price for the basket of PGMs it sold during the quarter, realising R13,017/oz as the improve...
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