City File: Showing metal

LONRHO shares have already recovered from 59p to 80p this year. They should bounce further following a well-received presentation to more than 50 fund managers and salesmen by its Western Platinum subsidiary on Friday. It was a rare lifting of the veil by Lonrho, and the first time a big platinum producer has explained its operation in any detail. For the company, which is trying to improve its image and become more accessible - on some matters, at least - it was a triumph. The audience heard that mining now accounts for half Lonrho's annual profits; WestPlats is the world's lowest-cost platinum producer. It had problems last year, but they have been sorted out, and it is a high-quality, well-managed operation.