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Business News

Lonmin recovers after troubled year

The platinum miner Lonmin more than doubled first-half profits compared to a troubled 2012 and lifted its production guidance for the year yesterday but warned of the "significant challenge" of wage talks ahead.

Lonmin was at the centre of a wave of South African labour unrest and violence last year (pictured) that left dozens dead. The world's third-largest platinum producer's finances were left so battered it had to tap shareholders for cash, and has been battling to return to full production since.

However, it beat market expectations with a first-half pre-tax profit of $54m (£35m), compared to $18m a year ago, helped by a lower than expected 5.8 per cent increase in costs.

The company has yet to strike a new recognition agreement with its majority union, AMCU.