Strikes at Mines Hit Lonmin Production

STAFF problems caused a 19pc drop in Lonmin’s platinum production in the last quarter, after strikes at two of its South African mines.

It was a downbeat end to a year when total ore mined fell 1.7pc.

Chief executive Brad Mills calls it ‘a difficult year’.

Lonmin lists a variety of excuses, from a long Christmas break to the 2010 World Cup football in South Africa, which is inflating wages.

Seymour Pierce analyst Charles Kernot points out that platinum output has barely changed for six years.

Lonmin rose 75p to 3325p, helped by bid hopes that refuse to die.

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