Platinum miner Lonmin returns to profit

Lonmin is one of the world's biggest producers of platinum

Platinum miner Lonmin has reported a positive first half of the year after metal prices rose on the back of the recovering world economy.

The South African-based company reported a pre-tax profit of $77m for the six months ending in March.

The figure beat most analysts' expectations and compares with a loss of $196m for the same period last year.

Lonmin chief executive Ian Farmer said that he remained cautiously optimistic for the future.

Lonmin has been through a difficult few years in which it has faced falling prices, furnace accidents, currency fluctuations and has undertaken a major restructuring.

Platinum prices collapsed at the time of the financial crisis as the demand for cars, flat screen TVs and other products that use the metal fell away.