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Miner Lonmin narrows first-half loss, cuts annual spending target

As the platinum miner prepared for a merger with Sibanye-Stillwater.

Lonmin said on Monday it narrowed its first-half operating loss and lowered its spending target for the year as the platinum miner prepared for a merger with Sibanye-Stillwater.

The London-listed miner, which is being bought by Sibanye-Stillwater, reported a first-half operating loss of $32 million compared with a loss of $181 million a year earlier.

It lowered its full year capital expenditure target to R1.2-R1.3 billion ($98 million-$106 million) from R1.4-1.5 billion.

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