Lonmin Still Feeling Losses From Platinum Strikes

Business Day Live reported that platinum producer Lonmin (LSE:LMI) is still feeling pain from South Africa’s five month long mine worker strikes earlier this year. The company has lost about 391,000 ounces of platinum production this year because of the strikes.

According to the publication:

Lonmin reported sales for the year to end-September of 441,684oz. It posted a pretax loss of $255m from a $147m profit last year.

The strike cost Lonmin $307m, CEO Ben Magara said, adding that the company was looking at savings of more than R2bn over the next three years by boosting productivity and reducing costs.

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