Lonmin softens full-year output target and raises cost outlook
Miner reports an operating profit but warns the full year will be less rosy after delay in Sibanye-Stillwater’s takeover bid
Lonmin, the world’s third-largest platinum miner, has warned of softening full-year production and rapidly rising costs after a difficult first half because of disruptions to its operations stemming from a delay in Sibanye-Stillwater’s takeover of the company.
Lonmin said total platinum production as measured by metal in concentrate fell 10% to 276,020oz in the six months to end-March. The drop was due to fewer tons mined, reduced grades and lower recoveries.