Lonmin posts USD181 million loss, to leave Johannesburg for Marikana

Lonmin

One of the world’s platinum producer, Lonmin said it will move Johannesburg to its Marikana operations in South Africa

The company plans to save “tens of millions” of rand, Chief Executive Ben Magara said on Monday.

He added that “For me, it’s really about getting closer to the operations and giving support to our management teams,”.

Lonmin has been striving to cut losses. The company reported a first quarter operating loss of USD181 million attributed to higher costs and lower production.

The company’s net loss for the period was USD39 million versus a loss of USD4 million a year earlier. It had a loss per share of 64.4 cents versus 1.8 cents.

Lonmin said it will cut spending plan for the year to a range of ZAR1.4 billion to ZAR1.5 billion (USD105.1 million to USD112.6 million) from ZAR1.8 billion.