Lonmin posts full year profit, compared to year-ago loss; warns on Sibanye deal closing

FILE PHOTO: Miners work deep underground at Sibanye Gold's Masimthembe shaft in Westonaria, South Africa, April 3, 2017. REUTERS/Mike Hutchings/File Photo - Copyright Mike Hutchings(Reuters)

By Reuters

Published on 29/11/2018 - 11:34•Updated 26/04/2024 - 01:12

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(Reuters) - Lonmin Plc <LMI.L>, which is being bought over by Sibanye-Stillwater <SGLJ.J>, posted full-year operating profit of $101 million (79.1 million pounds) compared with a year-ago loss as cost cutting paid off.

Lonmin said it expected the Sibanye deal to close in early 2019, but cautioned that some level of uncertainty over its completion exists.

The company reported operating profit of $101 million for the year ended Sept. 30, compared with a loss of $1.08 billion, a year ago.

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Bernard Orr)

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