Lonmin Reports 7.8% Decline In Mining, Expects 650-680K Platinum Ounces In FY17
LONDON (dpa-AFX) - Lonmin Plc. (LNMIF.PK, LMI.L) Thursday announced 7.8 percent decline in the Marikana mining operations to 2.3 million tonnes.
The company attributed the planned decline to closing of high cost shafts. As a result of the section 54 stoppages, the company lost 147,000 tonnes in the first quarter, compared to 204,000 tonnes last year.
Looking ahead, Lonmin continues to expect full year guidance between 650,000 and 680,000 Platinum ounces. Unit costs will remain in the range of R10,800 to R11,300 per PGM ounce for the full year subject to seeing sustained improvement in production during the year.
The company said it will remain committed to delivering sustained productivity improvements at its operations to ensure the long-term viability of the business.
Copyright RTT News/dpa-AFX
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