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Lonmin maintains FY'18 platinum sales guidance after fiscal Q3 figures fall

Lonmin PLC on July 27 reported a slight year-on-year rise in total platinum group metal sales to 352,128 ounces for the third quarter of its fiscal 2018, compared to 345,354 ounces sold in the same period a year ago.

Platinum sales for the quarter ended June 30 fell 2.3% to 176,121 ounces, but the company maintained its full-year sales guidance of 650,000 to 680,000 platinum ounces. Lonmin noted 11.5%-lower unit costs of 11,781 South African rand per PGM ounce and said costs in the full-year ending Sept. 30 are expected to be at the higher end of its guided range of 12,000 South African rand to 12,500 rand per PGM ounce.

Net cash at the end of June rose to US$23 million from US$17 million at the end of March as the average rand full basket price was up 13.1% from a year ago to 13,017 rand per PGM ounce.

On its takeover by Sibanye Gold Ltd., Lonmin said the deal is on track to close in the second half of 2018.