Cuts put platinum miner Lonmin back in black despite volatile prices for the precious metal



Major cost-cutting has helped Lonmin swing back into profit despite volatile platinum prices.
The London-based platinum miner turned a loss of £107.4million in 2015 to a £5.6million profit in the year to September 30, 2016.
The company, which operates the Marikana mine in South Africa where 34 striking miners were killed by South African security forces in 2012, cut costs by £72million compared to the previous year.
Among other measures was axing 5,433 employees and contractors. Platinum prices were volatile during the year, ranging from a low of $816 an ounce on January 21, 2016 to a high... read more

 
14 November 2016 in Business, Views: 49
Source: Daily Mail
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