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Market Watch reports that Lonmin (LON:LMI) profit tripled on strong platinum price.
Market Watch reports that Lonmin (LON:LMI) profit tripled on strong platinum price.
The market news is quoted as saying,
Platinum miner Lonmin PLC said Monday that its first-half net profit tripled to $90 million from $30 million a year earlier as revenue grew 42% to $938 million. The group said the results were driven by a 9% rise in platinum volumes to 318,306 ounces as well as a “robust pricing environment” during the quarter. The group said it’s on track to achieve its full-year sales and unit-cost guidance, but that the strong South African rand means capital expenditure for the year may be around $400 million, compared to the initial guidance of $380 million. The firm said that for the platinum market as a whole, it believes near-term supply constraints will lead to a market deficit and potentially higher prices.