Lonmin Plc., which earlier Wednesday rejected an unsolicited 33 pounds per share offer from mining group Xstrata PLC, cut its forecast for platinum production Wednesday and said it now sees 2008 platinum sales at around market estimates of 725,000 oz.

The mining division's forecast for metals in concentrate for the 2008 financial year has reduced by around 10,000 saleable ounces of platinum.

The group said production since the half-year has been hit by safety related shutdowns. Some 10,000 to 15,000 ounces of platinum sales are being deferred from the 2008 financial year to the 2009 financial year from these shutdowns, the group said. These incidents have also impacted Lonmin's ability to release all of the metal in process that was anticipated would flow through the system before the end of the financial year.

In the third quarter, Lonmin said production of platinum rose 8.2 percent over last year and that of PGM's rose 13.1 percent over last year.

Platinum production in the third quarter rose to 188,350 oz while that of PGM's rose to 369,674 while the total tonnes mined for the 9 months to June 30 fell 13 percent over last year to 9.2 million tonnes. – Forbes