Lonmin non-exec doubles stake

Jim Sutcliffe, a non-executive director at Lonmin, more than doubled his stake in the platinum miner yesterday, it confirmed today.

He bought 2,000 shares at 2,761 a share, paying a total of £55,220, and now has 3,712 shares.

Back in March, he bought 1,712 shares at 2,919p a time.

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The following month, Lonmin cut its full year platinum sales guidance in line with market expectations to reflect production losses caused by power shortages in South Africa.

Lonmin said it now expects sales of platinum in its current financial year to be around 775,000 ounces. The company had previously indicated in January that it expected to sell around 860,000 ounces this year but downgraded that estimate as a result of power outages in South Africa.

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