Lonmin shares fall to record low after restructuring announcement

LONDON, July 24 (Reuters) - Lonmin (LSE: LMI.L - news) shares on the London Stock Exchange (Other OTC: LDNXF - news) fell more than 7 percent to an all time low on Friday after the company said that it was planning to close or mothball several mine shafts, putting 6,000 jobs in South Africa at risk.

Along with its peers, Lonmin has been hit by rising costs and a plunge in platinum prices to a 6-1/2 year low at less than $1,000 an ounce, which makes more than half of the South African industry unprofitable, according to industry experts.

(Reporting by Silvia Antonioli; editing by David Evans)