Lonmin, the South African platinum miner, increased its quarterly production and refinanced much of its near-term debt, in a sign that it is beginning to reap benefits from a radical restructuring programme started last year after demand for the precious metal plummeted.

The company, which repeatedly missed targets last year as it fought a hostile bid from Xstrata, reiterated its target of producing about 700,000 ounces of platinum for the year to September, after producing 318,200 ounces in the six months to March.