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David McKay reports that Platinum producer Lonmin’s operational and financial woes deepened in the first quarter of its 2017 financial year in which it said it was losing money and might cut capital expenditure as the year progressed.
The quarter was typified by lower-than-expected productivity and absenteeism at the Rustenburg premises. Lost production owing to safety stoppages, which was a major grievance in Lonmin’s last financial year, had fallen in the quarter, although the company still lost significant tonnes. But it was the apparent under-performance of Lonmin’s productivity drive, which it implemented following retrenchments of about 6,000 staff last year, that was its major grouse in the first quarter. Lonmin identified K3 shaft, its largest, as the main culprit saying that the relationship between management and union bosses was not functioning well enough while productivity initiatives were not taking grip.
- Read this report in full at Miningmx
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