Wed May 22 22:15:38 SAST 2013
Wed May 22 22:15:38 SAST 2013

Lonmin extends losses as platinum falls

May 23, 2012 | Reuters | 0 comments

Johannesburg-listed shares of Lonmin Plc extended losses on Wednesday to over 5% as the spot platinum price plunged on a poor demand outlook.  

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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.  

    

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