Lonmin cuts costs - and jobs

London-listed Lonmin has said it intends to cut over 1,000 jobs before Christmas.

The platinum miner has cited low commodity prices and rising costs as the reason.

Solidarity, which represents mainly skilled workers, said:

"Because of these cost pressures, Lonmin has decided to place a number of its marginal shafts under care and maintenance and that is the reason why the 1,139 workers will be affected."

All of Lonmin's mines are in South Africa, and the company is struggling against a strengthening South African currency, along with several operational issues.

Pictured: Lonmin CFO, Barrie van der Merwe