Lonmin saw its platinum sales slump by six per cent over the course of the 2009 financial year, it emerged today (16th November).

The world's third-largest producer of the precious metal confirmed in a statement that sales volumes had declined to 682,995 oz over the course of the 12-month period.

In addition, the company posted a net loss attributable to equity shareholders of $285 million, compared with a profit of $455 million for the previous financial year.

"There is much to be done before the operational health of Lonmin is fully restored," it said.

Lonmin revealed that revenue declined by 52.4 per cent to $1.06 billion, while the net loss, excluding special items, was $103 million - lower than its $120 million estimate.

The company, which noted that platinum prices declined by 34 per cent on average during the 12 months, also withheld a final dividend for the second year in succession.

However, the statement predicted that the firm will bounce back from the disappointment through corporate restructuring and increasing demand for platinum.

Lonmin had announced in October that its platinum production fell by 27 per cent on an annual basis during the fourth quarter of the 2009 financial year.

Source:

Lonmin Swings To Fiscal Year Loss, Sees Steady Metal Market Improvement (16/11/09)

© Adfero Ltd