{"id":14708,"date":"2012-09-17T16:36:32","date_gmt":"2012-09-17T14:36:32","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/update-2-lonmin-cuts-sales-forecast-as-strikes-continue-to-hurt\/"},"modified":"2012-09-17T16:36:32","modified_gmt":"2012-09-17T14:36:32","slug":"update-2-lonmin-cuts-sales-forecast-as-strikes-continue-to-hurt","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-lonmin-cuts-sales-forecast-as-strikes-continue-to-hurt\/","title":{"rendered":"UPDATE 2-Lonmin cuts sales forecast as strikes continue to hurt"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Now expects sales of 685,000-700,000 oz of platinum for<br \/>\nfull year<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Keeps expectation to exceed 8.5 percent rise for unit<br \/>\ncosts<\/p>\n<p><span><\/span><\/p>\n<p>* Prolonged production delay to force more &#8220;difficult<br \/>\nmanagement decisions&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>Sept 17 (Reuters) &#8211; Platinum miner Lonmin Plc cut<br \/>\nits full-year sales forecast as it continues to be hurt by<br \/>\nviolent strikes at its mines in South Africa.<\/p>\n<p><span><\/span><\/p>\n<p>The world&#8217;s No.3 platinum producer said it now expects to<br \/>\nsell between 685,000 ounces and 700,000 ounces of platinum for<br \/>\nthe year ending Sept. 30.<\/p>\n<p><span><\/span><\/p>\n<p>The company, whose shares have dropped 37 percent since<br \/>\nJanuary, said in August that it was unlikely to meet its<br \/>\nprevious target of 750,000 ounces.<\/p>\n<p><span><\/span><\/p>\n<p>Lonmin also reiterated its expectation to exceed its<br \/>\nforecast of an 8.5 percent rise for unit costs.<\/p>\n<p><span><\/span><\/p>\n<p>The company has been hit by a month of lost production and<br \/>\nthe absence of Chief Executive Ian Farmer, who has been on sick<br \/>\nleave since last month.<\/p>\n<p><span><\/span><\/p>\n<p>It has already warned it is in danger of breaching debt<br \/>\ncovenants and has said it may need to raise equity. The<br \/>\ncovenants would likely be breached by Sept. 30, when they are<br \/>\ndue to be tested.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Now expects sales of 685,000-700,000 oz of platinum for full year * Keeps expectation to exceed 8.5 percent rise for unit costs * Prolonged production delay to force more &#8220;difficult management decisions&#8221; Sept 17 (Reuters) &#8211; Platinum miner Lonmin Plc cut its full-year sales forecast as it continues to be hurt by violent strikes [&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-14708","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\/14708","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=14708"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14708\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}