Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Major platinum miner Lonmin Plc (LON:LMI) reported today that an unspecified incident resulted in it shutting down its Number Two furnace so it can be fixed.
No one was injured. Repairs are estimated to take 30-40 days.
Lonmin shares dropped 5.71% on the news to GBX269.00 (US$418.16). The share’s 52-week range is GBX226.96 to GBX568.60. In the last year the company’s shares have dropped 74%.
The company said that the Lonmin had just shut down the Number One furnace for its planned upgrade of its hearth and shell.
“The Three Pyromet furnaces, which have around 50% of our capacity requirements, continue to operate,” said the company in a statement.
“In the meantime, we will be assessing the options around Number One and the impact of Number Two and we will update the market in due course.”
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