Lonmin

Lonmin (LON:LMI) updated the market on its production numbers for the first quarter of 2019.

The platinum miner said production was down 166,000 tonnes to 2.2 million tonnes, down 7.0% on the same period last year.

This was as a result of two fatalities, which led to stoppages as the company worked towards reviewing safety conditions.

The statement added that the incidents had occurred after a 15-month fatality free period.

Ben Magara, Chief Executive Officer, said: “The loss of our colleague is deeply regretted and we extend our deepest condolences to his family and friends. Our first quarter’s production is always our most disturbed and challenging period.

Looking ahead to the next quarter, Magara said:

“I am encouraged by the increase in the PGM basket price driven by Palladium and Rhodium. Going forward into the second quarter, the Lonmin team continues to focus on safe mining production. We are therefore maintaining our sales, costs and capex guidance for 2019. The challenges of this quarter and the volatility of the exchange rate underscore the vulnerability of our business and the importance of a sustainable solution for the company.”

Lonmin is a platinum mining company that is primarily focused in South Africa.

Shares in Lonmin are currently +8.55% as of 13:53AM (GMT).

Elsewhere in the markets, Tower Resources shares (LON:TWR) rallied after the company announced it had made a gas discovery nearby one of its wells.

Meanwhile, SSE shares (LON:SSE) remained flat after the company updated the market on its performance during the last three months of 2018.