MUMBAI (Commodity Online): In the wake of prevailed better momentum for the bullion in the world, Lonmin Plc, the world's third biggest platinum producer is planning to augment its production by one fifth by 2013.

According to reports, even though the company recorded an annual loss in the latest numbers, the production enlargement is expected to allow the company to fish some modest gains in this bullish scenario.

The company aims for refined platinum production to rise gradually to 850,000 ounces by 2013 from 700,000 ounces in the current financial year to end September to meet a supply deficit. Trading platform that even a 5 year old can trade. Join now

Lonmin, listed in London and Johannesburg, posted an underlying loss per share of 59 cents for the fiscal year, compared with earnings per share of 336 cents last year.

The price of platinum -- mainly used in jewellery and in catalysts to clean pollution from vehicle exhausts -- has recovered by about 50 percent to $1,400 per ounce this year, but is still well below the peak of $2,290 touched in 2008.

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