Lonmin extends losses as platinum falls
Johannesburg-listed shares of Lonmin Plc extended losses on Wednesday to over 5% as the spot platinum price plunged on a poor demand outlook.
At 1007 GMT, the share price was 5,10% lower at 98,01 rand, outpacing a 1,33% drop in Johannesburg’s Top-40 index.
Lonmin is the worst performer in 2012 on the index and its losses in the year to date are over 20%.
Platinum, used to make jewelry and catalytic converters that reduce car emissions, has been hit by concerns about the outlook for global demand. It was down 1% on the day at $1,424.9 an ounce and has lost 13% this quarter.