Lonmin Platinum's output of refined platinum for the first quarter period for the three months to the end of December hit 154,526 oz, it has been announced.

The figure represents a downturn of 19 per cent from the same period a year ago when 190,804 oz of platinum was mined.

London-based Lonmin Platinum attributed the dip in part to processing problems and absenteeism by skilled workers.

Safety shutdowns, the sector-wide one-day strike during December and lower grades of platinum being mined had also hit production, the firm said.

The figures, coupled with fears over impending power shortages, prompted Lonmin Platinum to downwardly adjust its projected sales of platinum for the year.

A statement issued by the firm said: "Given the production shortfall in the first quarter, the lost production in January and our revised estimate of the impact of the Easter break in March, our full year sales target is now around 860,000 ounces of platinum."

Source:

UPDATE 2-Lonmin cuts outlook after platinum output falls, 23/01/08
http://uk.reuters.com/article/companyResultsNews/idUKL2450917320080124?pageNumber=2&virtualBrandChannel=0

Lonmin Dec quarter output down 20%, revises '08 target, 23/01/08
http://www.miningweekly.co.za/article.php?a_id=125186


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