VENTURES AFRICA – Lonmin has released production results for the first quarter of 2013, showing a successful restart of operations following the labour strikes that plagued the South African mining sector over the past months.
The platinum miner reported better than expected ramp-up of production, achieving 174,253 saleable ounces of platinum in concentrate over the first quarter, and attaining platinum sales of 185,497 saleable ounces – demonstrating a 16.7 per cent increase on the equivalent period of the previous year.
The company – which is the world’s third largest platinum producer – also revealed that total mined tonnes for the period measured 2.9 million tonnes – a similar figure to the previous year’s amount
As such, Lonmin expressed its satisfaction with having achieved stable results despite having had to contend with the restart and ramp up of safe operations at its mines following complete stoppages occasioned by illegal strikes which took place over the latter half of 2012.
“The protocols developed for our safe sustainable start up have not only been commended by regulatory authorities as being best practice but have been adopted and rolled out by our peers,” reads a statement by the company.
With respect to expectations going forward, Lonmin confirmed that the second quarter is progressing to plan, and as such the company maintains its full year output projection of 680,000 Platinum ounces of saleable metals in concentrate, and sales of 660,000 ounces of Platinum.
In addition to the production results, the miner confirmed that the Board has appointed a search committee to find a new chief executive officer, following the resignation of Ian Farmer on December 28.