Platinum miner Lonmin cut its full-year sales forecast as it continues to be hurt by strikes at its mines in South Africa.

The world’s No 3 platinum producer said it now expects to sell between 685,000 ounces and 700,000 ounces of platinum for the year ending September 30th.

The company, whose shares have dropped 37 per cent since January, said in August that it was unlikely to meet its previous target of 750,000 ounces. Lonmin also reiterated its expectation to exceed its forecast of an 8.5 per cent rise for unit costs.

The company has been hit by a month of lost production and the absence of chief executive Ian Farmer, who has been on sick leave since last month. It has already warned it is in danger of breaching debt covenants. – Reuters