LONDON–Lonmin PLC (LMI.LN) Monday narrowed its fiscal-year net loss after restructuring its mines to offset weak prices of platinum group metals and said it’s now ready to pounce on new growth opportunities.
The U.K.-listed miner, one of the world’s largest primary platinum producers, reported a net loss of $342 million for the year ended September, compared with a net loss of $1.66 billion for the same period a year before, weighed down by impairment charges. Lonmin booked charges of $335 million based on a gloomier outlook for the price of rhodium and a recovery in the South African rand against the U.S. dollar in the second half of the financial year.
Revenue fell 14% on year to $1.12 billion…
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