Lonmin is hoping to increase its platinum sales by about 14 per cent in the next three years, it emerged on Monday (1st March).

The world's third-largest producer of the precious metal is expecting sales of 700,000 oz this year, but is planning to push that total up to 800,000 oz by 2013, Dow Jones reports.

Chief Executive Ian Farmer revealed the company is exploring the possibility of increasing its smelter capacity in order to cope with the gradual advance in output.

Meanwhile, at an industry conference in Hollywood, Florida, Mr Farmer expressed his concerns about the impact of the ongoing electricity supply struggles in South Africa.

"I think the availability of power will be a factor to take into account when assessing the [platinum group metal] industry's ability to grow," he said, according to the news provider.

Lonmin is 25 per cent-owned by diversified Swiss miner Xstrata, which has already seen one hostile takeover attempt fall through but is rumoured to be lining up a further bid.

Source:

Lonmin CEO: Industry Growth May Be Limited By Lack Of Power (01/03/10)

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