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Lonmin posts pre-tax loss of $326m

Last year the company showed a profit of $140m.

Striking platinum miners gather at the Wonderkop Stadium in Marikana waiting to receive news on an ending strike proposed deal on 12 June, 2014 in Marikana, South Africa. Picture: AFP.

LONDON South Africas Lonmin met analysts forecasts with a $326 million annual pre-tax loss on Monday hurt by a five-month mining strike, but said a review it recently concluded highlighted opportunities to improve its performance.

Along with its peers in South Africa, Lonmin, the world's third-largest platinum producer, has been battered by labour unrest overs wages, rising costs and weak platinum prices.

The London-listed mining company posted a pre-tax loss of $326 million for the year to the end of September, compared with a profit of $140 million a year earlier and within a range of forecasts calling for a loss of $257 million to $565 million in a Reuters poll of five analysts.