UPDATE 1-Lonmin sees platinum market in deficit by 2012
* Market to move from balanced level due to auto sector
* South Africa to revise mining rights laws in new year
By Eric Onstad
LONDON, Nov 15 (Reuters) - Lonmin (LMI.L), the world's third-biggest platinum producer, sees the platinum market moving into deficit by about 2012 as the auto sector recovers further, its chief executive said on Monday.
"I think we're gradually getting into firmer territory...I think as we head into 2011 and auto markets gradually firm, I think we'll move back from currently balanced markets to small deficits in about 2012," Ian Farmer told Reuters.
He also said that South Africa was moving to clear up ambiguities in its mining rights legislation after Lonmin was forced to go to court to defend some of its rights.
"The minister of mines has made it clear that she believes that there are weaknesses in the current legislation that governs these issues, and that the legislation should be tightened up in the new year,"he said in an interview following the release of annual results. [ID:nLDE6AB1JA]
(Reporting by Eric Onstad; Editing by Erica Billingham)
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