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Bloomberg reports that Lonmin, the world’s third-largest platinum producer, said costs may rise above the level targeted this year following its life-saving rights issue at the end of 2015.
Two people died at the company’s operations, and safety stoppages reduced output by about 311,000 tons in the three months ending June 30, Lonmin advised. Labor costs increased 8.2% from a year earlier. Lonmin has cut its workforce by almost 20% as it attempts to reduce unprofitable production following the December $407 million rights issue, sold at a 94% discount. Along with the world’s two biggest platinum miners, Lonmin was hit hard by a five-month strike in South Africa in 2014.
- Read this report by Kevin Crowley in full at Business Report
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