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Lonmin profit takes a dive
Platinum producer Lonmin said yesterday pre-tax profit tumbled in the first half of its financial year, as weak European demand weighed on prices and a record level of safety stoppages imposed by South African authorities hit its output and operating costs. The world’s third-largest platinum producer said production problems, a 10 per cent drop in average prices and costs up almost 11 per cent in the six months reduced pre-tax profit to just $18m (£11m). That compares to $159m a year earlier.