LONDON - Platinum miner Lonmin reported a 65 percent drop in 2017 profit on Monday citing higher costs and subdued commodity prices but reiterated its 2018 targets.

The London and Johannesburg-listed miner said earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to $40 million for the year to ended Sept. 30 from $115 million a year earlier.

Lonmin delayed its results last year pending the outcome of a business review.

Lonmin, which is listed on both the London Stock Exchange and the Johannesburg Stock Exchange, is one of the world's largest primary producers of PGMs. These metals are essential for many industrial applications, especially catalytic converters for internal combustion engine emissions, as well as their widespread use in jewellery.

Lonmin's operations are situated in the Bushveld Igneous Complex in South Africa, where more than 70% of known global PGM resources are found.