Lonmin CEO: Industry Growth May Be Limited By Lack Of Power
- LONDON -(Dow Jones)- South Africa's platinum industry may not be able to grow sufficiently to meet rising demand due to the limited availability of electricity, Lonmin PLC's (LMI.LN) chief executive said Monday. "I think the availability of power will be a factor to take into account when assessing the [platinum group metal] industry's ability to grow," Ian Farmer said at an industry conference in Hollywood, Fla. Farmer said he expects a platinum supply deficit as demand for the metal grows into 2011 and 2012. The world's third-biggest platinum miner plans to increase sales to 800,000 by 2013 from 700,000 ounces this year. The company is investigating options to increase smelter capacity to handle the rising output, he added. About three-quarters of the global platinum supply comes from South Africa. Company Web site: www.lonmin.com -By Jeffrey Sparshott, Dow Jones Newswires; +44 (0)207 842 9347; jeffrey.sparshott@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=VUpxYjrMn%2FN%2By3ZLGHTXHA%3D%3D. You can use this link on the day this article is published and the following day.
