Lonmin Plans $2 Billion Platinum Expansion of Production, Mine Reopenings

Bloomberg reports that Lonmin Plc (LON:LMI), the world’s third-largest platinum company, will invest about $2 billion restarting mines and expanding production in South Africa.

The market news is quoted as saying,

Lonmin will spend about $400 million a year to boost annual production to 950,000 platinum ounces by 2015 from the 750,000 ounces it plans for this fiscal year ending Sept. 30, Chief Executive Officer Ian Farmer said in a phone interview today.

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