Lonmin seeks labour cost cut deal due to low platinum price

LONDON, May 7 (Reuters) - South Africa-focused platinum producer Lonmin (LSE: LMI.L - news) said on Thursday it is in talks with unions and employees in an attempt to reduce labour costs in the face of low platinum prices.

"Proposals under discussion would lead to a 10 percent reduction in labour costs and equates to around 3,500 people," the company said in a statement. "This reduction should hopefully be achieved through a voluntary process." (Reporting by Silvia Antonioli; editing by David Evans)