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Monday, November 16, 2009
Lonmin Swings To Fiscal Year Loss, Revenue Down
By Sarah Turner
MarketWatch Pulse
LONDON -- Platinum miner Lonmin said Monday that it swung to a fiscal-year loss of $285 million. Last year, the firm posted a profit of $455 million. Revenue dropped to $1.1 billion, from $2.2 billion a year ago. "The economic downturn following the credit crunch impacted the last quarter of financial year 2008 and had a significant effect on financial year 2009 as a whole," the firm said. Lonmin sold 682,955 ounces of platinum in 2009. It said that it believes that platinum group metal markets are likely to improve steadily in 2010 and is expecting to sell 700,000 ounces of platinum in the year. Capital expenditure is likely to be up to $270 million, it said.
Copyright © 2009 MarketWatch, Inc.
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