[miningmx.com] – LONMIN reduced its full-year sales guidance to 420,000 ounces for the year to September, nearly half of the 715,000 oz in sales during the previous year, said BDLive.
The reduction was down to a five-and-a-half month strike waged by the Association of Mineworkers & Construction Union (AMCU) which also led to a halving in the group’s capital expenditure for the year to $100m.
“Our existing banking facilities are more than adequate to cover the costs of the strike and the ramp-up,” said Lonmin CEO Ben Magara. “We will, however, require increased working capital during the ramping up process,” he said.
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