South African miner Lonmin has confirmed today (29th January) that it experienced a 14 per cent decline in refined platinum production during the first fiscal quarter, Reuters reports.

The world's third-largest producer of the precious metal revealed that its output of refined platinum was 132,935 oz for the three months to the end of December 2008.

In addition, the company's results show that it produced a total of 243,818 oz of refined platinum group metals (pgms), a figure which represents a decrease of 12 per cent.

"The short-term outlook for pgm pricing continues to be difficult to predict. However, we remain committed to our sales and cost guidance for the 2009 financial year," read a Lonmin statement quoted by the news provider.

The company also confirmed that it mined a total of 3.1 million tonnes of metals during the three-month period.

Lonmin Chairman Sir John Craven will step down from his post at today's annual investor meeting, meaning Deputy Chairman Roger Phillimore will fill the position for the time being.

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UPDATE 1-Lonmin says guidance for 2008-09 unchanged (29/01/09)
http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSLT66185720090129