Platinum miner Lonmin returns to profit
- Published
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.