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Lonmin back in profit

Lonmin “’ operations
in South Africa
 
London, England — MININGREVIEW.COM — 10 May 2010 – Lonmin “’ the world’s third biggest platinum producer “’ has moved back into a first half profit following the rebound of metal prices, and has stuck to its annual sales target despite a furnace accident.

A statement issued here confirmed that normalised earnings per share for the six months to the end of March had been 22.8 cents, after a restated loss of 47.9 cents in the previous year.

It added that this was slightly higher than a consensus forecast of 20 cents compiled by the company from six analysts.

Lonmin, which has operations in South Africa, reiterated its sales target of 700 000 ounces of platinum for the fiscal year, after suffering a smelter problem.

On 30 March Lonmin was compelled to shut its No.1 furnace after another incident at the troublesome smelter, with repairs expected to take more than a month.

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