Lonmin PLC (LNMIF.PK,LMI.L) Friday reported that its total refined production for the third quarter was down 67.4 percent year-over-year to 36,255 ounces of saleable Platinum. Total PGMs produced were 82,515 ounces, a decrease of 63.0 percent on the prior year period.
Third quarter production was severely impacted by the unprecedented five month strike, said the company.
Sales for the third quarter dropped to 25,740 Platinum ounces and 79,691 PGM ounces with Platinum sales being 68.4 percent lower than last year. This was due to the process operations being shut down under controlled conditions during the strike period.
In addition, the group revised its full-year revenue guidance and now expects sales of 420,000 saleable Platinum ounces for the year. Capex guidance was cut down from $210 million to around $100 million. Platinum metal in concentrate production is expected to be around 340,000 ounces.
For comments and feedback contact: editorial@rttnews.com
Business News