Lonmin confirmed today (23rd April) that its refined pgm production increased by 45 per cent on a year-on-year basis to 362,326 oz in the second quarter of fiscal 2009.

The world's third-biggest platinum producer also revealed that platinum production rose by 41 per cent to 185,284 oz, mainly as a result of an improved contribution from underground operations at Marikana.

In addition, the company saw refined pgm and platinum production hit 606,145 oz and 318,219 oz respectively for the first half of fiscal 2009, with both increasing by 13 per cent.

Commenting on the results, the firm said: "This growth in refined production partly reflected the improved contribution from our Marikana underground operations.

"Furthermore, the Process Division delivered an excellent performance during the second quarter and, ahead of our expectations, it processed the vast majority of the inventory built up during the planned re-build of the Number One furnace."

The results showed that total tonnes milled in financial Q2 2009 declined by eight per cent to 2.7 million tonnes, a drop Lonmin attributes to planned opencast closures at Marikana and the Baobab shaft at Limpopo.

This also impacted figures for the first half of the 2009 financial year, with total tonnes milled standing at 5.8 million tonnes, representing a decrease of three per cent from 2008.

Finally, the statistics showed that production of saleable platinum rose by 30 per cent to 185,561 oz in the second financial quarter, while saleable pgm output was up 26 per cent to 355,069 oz.

Sources:

Second Quarter and First Half 2009 Production Report (23/04/09)

Lonmin says tonnes mined down (23/04/09)

Lonmin sales up and debt refinanced, shares jump (23/04/09)

Ÿ Adfero Ltd