Lonmin Shuts Down South African Platinum Mine

Reuters reported Lonmin (LSE:LMI) shut its South African mining operations and its shares tumbled on Tuesday.

As quoted in the market news:

Lonmin, already struggling with low prices and weak demand, may miss its annual production target of 750,000 ounces as the quarter to the end of September is typically its best. Its share price fell more than 4 percent in London and Johannesburg.

The London-based company accounts for 12 percent of global platinum output and the shutdown drove the spot price of the precious metal as much as 2 percent higher.

Click here to read the full Reuters report.