29th Jan 2015 07:55
LONDON (Alliance News) - Lonmin PLC, the world's third largest platinum producer, Thursday said total refined platinum production for the first quarter of its financial year was impacted by the smelter shutdowns and was down 28.8% to 139,823 ounces when compared against the prior year period.
Total platinum group metals produced in the three months to December 31 were 265,128 ounces, a decrease of 31.1% on the prior year period. Platinum sales for the quarter at 146,890 ounces were up 9.0%, or 12,086 ounces on the prior year period. Platinum Group Metal sales were up 11.7% to 274,425 ounces.
Lonmin achieved the highest first quarter production from underground (including Pandora) since 2011. Total attributable tonnes mined in the quarter were 2.8 million tonnes, 7.2%, or 0.2 million tonnes higher than the prior year period.
Lonmin said, because of low dollar metal prices and short to medium term uncertainty around platinum prices, the Group will reduce expected capital expenditure for 2015 from USD250 million to USD185 million and will keep this under review. Despite the revised capital expenditure for 2015, the group reiterated production guidance for the year.
Copyright RTT News/dpa-AFX
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