{"id":12812,"date":"2012-07-27T01:34:05","date_gmt":"2012-07-26T23:34:05","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/update-3-platinum-miner-lonmin-slashes-spending-plans\/"},"modified":"2012-07-27T01:34:05","modified_gmt":"2012-07-26T23:34:05","slug":"update-3-platinum-miner-lonmin-slashes-spending-plans","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-3-platinum-miner-lonmin-slashes-spending-plans\/","title":{"rendered":"UPDATE 3-Platinum miner Lonmin slashes spending plans"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Cuts 2012 spend; 2013 and 2014 capex drops to $250 million<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Sticks to 2012 sales, cost targets<\/p>\n<p><span><\/span><\/p>\n<p>* Signals major review of investment, growth strategy<\/p>\n<p><span><\/span><\/p>\n<p>* Shares climb on capex cuts<\/p>\n<p> (Adds details, South African background)<\/p>\n<p><span><\/span><\/p>\n<p>By Clara Ferreira-Marques<\/p>\n<p><span><\/span><\/p>\n<p>LONDON, July 26 (Reuters) &#8211; Platinum miner Lonmin<br \/>\nhas slashed spending plans up to 2014, holding back a push to<br \/>\nramp up key shafts in order to preserve cash as it warned poor<br \/>\ndemand and weak prices battering the sector could persist for<br \/>\nlonger than expected.<\/p>\n<p><span><\/span><\/p>\n<p>Platinum miners &#8211; focused in South Africa, home to some 80<br \/>\npercent of reserves &#8211; have since 2008 been facing growing margin<br \/>\npressure from so aring costs, increasingly militant unions a nd,<br \/>\ns ince last year, government-imposed sa f ety stoppages. A<br \/>\nlacklustre European economy has also weighed on demand for the<br \/>\nprecious metal, used mainly in auto catalysts and jewellery.<\/p>\n<p><span><\/span><\/p>\n<p>Lonmin, the third-largest platinum miner, said on Thursday<br \/>\nit had trimmed 2012 spending by $20 million to $430 million, but<br \/>\ncut its plans for its 2013 and 2014 financial years to just $250<br \/>\nmillion &#8211; little more than that necessary to sustain operations<br \/>\n&#8211; as it deferred investment in its Hossy, K4 and Saffy shafts.<\/p>\n<p><span><\/span><\/p>\n<p>It had hoped to ramp up those key growth shafts swiftly, to<br \/>\nbring down the overall cost of producing an ounce of metal.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Cuts 2012 spend; 2013 and 2014 capex drops to $250 million * Sticks to 2012 sales, cost targets * Signals major review of investment, growth strategy * Shares climb on capex cuts (Adds details, South African background) By Clara Ferreira-Marques LONDON, July 26 (Reuters) &#8211; Platinum miner Lonmin has slashed spending plans up to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-12812","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=12812"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12812\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}