2nd Nov 2015 08:49
LONDON (Alliance News) - Platinum producer Lonmin PLC on Monday said it secured robust platinum sales in the year to the end of September as it continues to seek to cut costs across its operations within the tough commodities market.
Lonmin said its total platinum sales in the year hit 751,560 ounces, the most it has sold since 2007 and ahead of its sales guidance of 730,000 ounces. The pricing environment for the year remained weak, however, with the platinum price down 22% and sales revenue hit further by the weakness of the South African rand against the dollar.
The company said it expects to deliver an operating loss of USD207.00 million for the year to the end of September, though this would exclude USD1.85 billion to USD2.05 billion it is set to book in impairment charges from writedowns it has taken due to the fall in the platinum price.
Lonmin is seeking to cut costs across the business and said its restructuring plan remains on track, with 2,623 people sacked by the company over the course of the year.
Shares in Lonmin were down 1.3% to 25.17 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Lonmin