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Lonmin's platinum sales fall 45,9%

26 Jul 2013

Lonmin's platinum sales for the three months to June were down 45.9%, to 81,382 ounces while its platinum production dropped by 8%, the company said on Thursday (25 July).

"The decreases were a consequence of the adverse impact of ore shortages experienced as a result of labour disruptions," the company said in a statement.

Sales were affected by problems at Lonmin's number two furnace and the planned shutdown of its number one furnace.

The amount of platinum in concentrate produced totalled 186,456 ounces during this period, compared with 202,851 ounces in the corresponding quarter the year before.

Total ore mined underground came to 2.8m tons during the third quarter, a decrease of 3.6% on the previous year.

"In total, 234,000 tons of production was lost during the quarter, of which 112,000 tons was as a result of section 54 safety stoppages and an additional 123,000 tons was due to labour stoppages," the company said.

"Although our operations continue to exceed our renewal plan, we remain alert to the risks to production associated with safety stoppages, and the uncertain labour relations landscape," the company said.

Lonmin's platinum mine at Marikana, in North West, has been beset with labour problems and union rivalry.

Source: Sapa via I-Net Bridge

Source: I-Net Bridge

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