Lonmin Cuts Spending, Limits Platinum Output on Weak Prices
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Lonmin Plc, the platinum producer that lost half its value in the past year, cut its estimates of production growth and capital spending after metal prices fell.
“The current lackluster demand for platinum group metals and the weak pricing environment may persist for longer than we had previously anticipated,” the London-based company said in a statement today. Lonmin, the world’s third-largest platinum producer, said it’s reviewing financing options.