LONDON Jan 30 Miner Lonmin
posted an increase in quarterly refined platinum production on
Thursday but said it will have to reassess its guidance for the
year due to a mining strike in South Africa which is disrupting
The strike, which started on Jan. 23, is currently costing
the company 3,100 ounces of platinum production per
"Before the start of the strike we would have maintained our
guidance for the full year," the company said in a statement.
"However, due to the ongoing strike, we will reassess our
guidance and update the market in due course."
In the first quarter which ended on December 31, refined
production increased by 45 percent to 196,249 saleable platinum
ounces compared to the same period one year before.
Sales were 134,804 ounces, an increase of 24 percent, helped
by an improvement in recovery rates.
However, mining production in the quarter fell by 10 percent
to 2.6 million tonnes as operational momentum built up in 2013
was disrupted by a fatality and safety stoppages, the company
Lonmin was at the centre of a wave of South African mine
strikes in 2012 which left dozens dead.