Lonmin Plc has increased platinum production over the last six months, the firm has said in its interim results statement for the 2011 financial year.

Platinum sales rose nine per cent to 318,306 oz for the half-year period to the end of March 2011. The company expects to hit its full-year guidance to sell 750,000 troy ounces of platinum.

Tonnes produced were up 12.7 per cent at 5.9 million, while ore reserves were at 2.8 million centares.

Saleable metal in concentrate was up 10.3 per cent to 354,863 platinum ounces.

The world's third largest platinum producer reported net operating profit more than doubled to $144 million (£88 million) compared to the first half of the 2010 financial year.

Lonmin also said it aims to grow output at its Marikana operations including Pandora to 950,000 platinum ounces annually by 2015.

The increase in production and profits came despite a rise in safety stoppages and an "unacceptable" level of fatalities.

Chief executive officer Ian Farmer said: "We have been very disappointed and saddened by the six fatalities we have experienced since the beginning of the 2011 financial year."

He added: "Our commitment to zero harm and safe production without fatalities in our work place remains undiminished."

Lonmin is on course to achieve its 2011 guidance for sales and costs, Mr Farmer went on to say, explaining that the company has maintained strong quarter-on-quarter production momentum established last year, while the fundamentals for the platinum market remain solid.

Sources:


UPDATE 1-Lonmin H1 op profit doubles, confirms 2011 guidance (09/05/11)


Lonmin CEO: Fiscal Year Sales Guidance Hinges More On Safety Than Power Cuts (09/05/11) 

© Adfero Ltd