May 15, 2018 / 9:41 AM / 7 months ago

PLATINUM WEEK-Sibanye-Stillwater will close loss-making output at Lonmin -executive

LONDON, May 15 (Reuters) - Sibanye-Stillwater plans to shut loss-making production at Lonmin when it takes over the platinum miner, the chief financial officer of Sibanye’s U.S region said.

“We will not cross-subsidise loss-making production across the portfolio,” Justin Froneman said at the Bloomberg Intelligence Precious Metals Forum in London.

“If we’ve got ounces that aren’t covering their costs they will be taken out... we have to do that. We can’t let our shareholders absorb those kind of expenses.” (Reporting by Zandi Shabalala and Peter Hobson; editing by Jason Neely)

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