Lonmin: No decision on restructuring

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LonminMine Independent Newspapers. Picture: Boxer Ngwenya.

London - Platinum producer Lonmin said it has not made a decision on the size and shape of a business restructuring and its immediate aim is to ramp up production after a crippling five-month platinum strike that hit the sector this year.

“No decisions, about the size and shape of any restructuring of the business, have been made,” the company said in a statement on Tuesday.

Industry sources said on Monday that the company is planning a business restructuring, which will include the shut down of some of the company's shafts and job cuts.

“Lonmin's immediate focus following the five-month strike is to achieve a safe ramp up of production in order to rebuild the business and restore profitability,” Lonmin said, pointing out that the ramp up was progressing “better than planned”. - Reuters

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