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Reuters reported that Lonmin plc (LSE:LMI) will keep its annual production target, but cut capital expenditures this year as it struggles against low metals prices.
Reuters reported that Lonmin plc (LSE:LMI) will keep its annual production target, but cut capital expenditures this year as it struggles against low metals prices.
As quoted in the market news:
Along with its peers in South Africa, Lonmin has been battered by labour unrest over wages, rising costs and weak platinum prices.
The stock has lost almost half of its value in the last year and was the worst hit among the three largest miners involved in a 5-month-long industrial action in 2014.
The company said in a statement:
Because of low dollar metal prices and short-to-medium-term uncertainty around platinum prices we will reduce our expected capital expenditure for 2015 from $250 million to $185 million and will keep this under review.