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Bloomberg reported Lonmin Plc (LSE:LMI) lost half its value in the past year, cut its estimates of production growth and capital spending after metal prices fell.
Bloomberg reported Lonmin Plc (LSE:LMI) lost half its value in the past year, cut its estimates of production growth and capital spending after metal prices fell.
As quoted in the market news:
Lonmin, the world’s third-largest platinum producer, said it’s reviewing financing options.
Prices are down 22 percent in a year, while labor and power costs in South Africa, owner of the most reserves, rose faster than inflation. Anglo American Platinum Ltd. (AMS), the largest producer, cut spending after posting a loss this week and idled its Marikana mine, jointly owned with Aquarius Platinum Ltd. (AQP) In addition, Aquarius suspended its Blue Ridge and Everest mines.