Lonmin PLC (LONJ.J)
19 Sep 2017
Mon, Aug 7 2017
Platinum miner Lonmin Plc said on Monday it would cut costs and sell some assets, including processing capacity of up to 500,000 ounces per year, as it battles to overcome a weak market and to preserve jobs.
* Analysts say could risk long-term gain for short-term survival (Adds quotes, detail, analyst comment, share price)
Aug 7 Platinum miner Lonmin Plc said it would cut costs and monetise select assets, including the sale of excess processing capacity of up to 500,000 platinum ounces per year, to maximise cash from processing operations and preserve cash.
LONDON, July 17 Platinum miner Lonmin cut more costs and improved its mining performance in its third quarter, it said on Monday, but falling metal prices continued to weigh.
LONDON South Africa-focused platinum producer Lonmin is pulling every lever to try to restore confidence in its ailing business, including reopening a major shaft and expanding its biggest operation, its chief executive said.
LONDON A drop in production and higher costs forced South Africa-focused platinum producer Lonmin to make deeper cuts and shift its headquarters on Monday as a first-half operating loss of $181 million knocked its shares.
* Shares fall sharply in London and Jo'burg (Adds detail, shares, quotes)
* Lonmin says protests have lead to two shafts halting output
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