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Platinum producer Lonmin maintains output target, cuts spending

LONDON, Jan 29 (Reuters) - South Africa's Lonmin (LSE: LMI.L - news) , the world's third-largest platinum producer, said on Thursday it would maintain its annual production target but cut capital expenditure in 2015 as it battles with low metal prices.

Along with its peers in South Africa, Lonmin has been battered by labour unrest overs wages last year, rising costs and stubbornly weak platinum prices.

"Because of low dollar metal prices and short- to medium-term uncertainty around platinum prices we will reduce our expected capital expenditure for 2015 from $250 million to $185 million and will keep this under review," the company said in a statement.

On Thursday, the mining company posted an increase in mined output but technical issues that forced to stop two furnaces at its South African plant in December reduced its refined platinum production. (Reporting by Silvia Antonioli; editing by David Clarke)