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Lonmin surges as cash improves after cost cuts

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Johannesburg - Lonmin climbed the most in more than three months as the platinum miner kept costs down in the latest quarter, helping it generate cash even as the metal’s price declined.

The stock rose as much as 12% in London after the Johannesburg-based company said on Monday that net cash increased 15% to $86m as of June 30. The producer cited improving performance of its newer so-called Generation 2 shafts, which make up most of its output.

By 13:14 on the JSE, the stock traded 10.63% higher at R12.39.

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