Lonmin reaffirms platinum sales target; upgrades unit costs

Lonmin PLC (LMI.LN), the world’s third largest primary platinum producer, Thursday said it expects to meet its annual platinum sales target, provided there are no work stoppages, and raised its annual unit cost guidance to reflect reduced output in previous quarters.

The U.K.-listed, South African miner expects to sell 720,000 troy ounces of platinum in the financial year ending Sept. 30 and expects annual unit costs to rise 11%, up from a previously forecast 8%, due to production setbacks stemming from industrial action and six fatalities during the first six months of the financial year.