HomeInternationalLonmin sees platinum market moving into deficit

Lonmin sees platinum market moving into deficit

Lonmin chief
executive Ian
London, England — MININGREVIEW.COM — 17 November 2010 – Lonmin “’ the world’s third-biggest platinum producer “’ says it sees the international platinum market moving into deficit by about 2012 as the motor sector continues its recovery.

Making this prediction here, chief executive Ian Farmer said: “I think we’re gradually getting into firmer territory. I think as we head into 2011 and auto markets gradually firm, we’ll move back from currently balanced markets to small deficits in about 2012,” he told Reuters.

Farmer went on to say that South Africa was moving to clear up ambiguities in its mining rights legislation, after Lonmin had been forced to go to court to defend some of its rights.

“The minister of mines has made it clear that she believes that there are weaknesses in the current legislation that governs these issues, and that the legislation should be tightened up in the new year,” he added.