Johannesburg - Lonmin, the world’s third-largest platinum producer, said it will start processing metal this month as it anticipates an end to a strike that has crippled its operations in South Africa for more than 15 weeks.
Lonmin reported a loss of 35.5 cents a share for the six months ended March 31, compared with a profit of 13.3 cents a year earlier, it said in a statement today.
A pay strike by the members of the biggest union at its operations since January 23 has resulted in 155,720 platinum ounces being lost, the Johannesburg-based company said.
“Operations have been at a virtual standstill for nine of the possible 12 weeks of production” of the second quarter, it said.
“We will start the processing operations during May 2014 to process the remaining” metal in the company’s stockpiles.