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Lonmin punished after mine crackdown

Aug 17 2012 09:53
Reuters
Johannesburg - Shares in Lonmin [JSE:LON], the world’s No.3 platinum producer, fell more than 5% in early trade on Friday after more than 30 miners were killed the previous day in a police crackdown to end an illegal strike.

Lonmin said on Thursday it had lost 15 000 ounces of platinum production due to the one-week long strike at its South African operations and that it was unlikely to meet its full-year production target of 750 000 ounces.

The shares, which fell more 7% on Thursday, opened 5.6% lower and were trading 4.7% down at R79.75 as of 09:06.

Despite Lonmin's woes, the JSE hit record highs, edging higher on hopes that Europe will be able to contain its debt crisis.

The benchmark Top 40 - (Tradeable) [JSE:J200] index briefly touched a record high of 31 676.46 before giving up some gains. The broader All Share [JSE:J203] index hit 35 865.11.

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lonmin  |  mining unrest

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