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Eye Witness News reported that platinum producer Lonmin (LSE:LMI) continues to cut costs as the rout in platinum prices continues.
Eye Witness News reported that platinum producer Lonmin (LSE:LMI) continues to cut costs as the rout in platinum prices continues.
As quoted in the publication:
The company said labour costs fell R194 million ($11.8 million) in the last three months of 2015 after it shed 5,077 jobs, or 84.6 percent of its planned reduction in headcount.
“Progress continues with the restructuring programme due to the new benchmarked operating model and removal of high-cost production to ensure the business remains viable,” Lonmin said in a statement.
It is targeting savings of R700 million in 2016.
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