Lonmin fell to its lowest in 17 years as a decline in the price of platinum added to investor concerns over Glencore’s plan to divest its 23.9 percent stake in the producer. The world’s third-largest platinum producer by volume dropped 5.3 percent to 107.5 pence at 11.47am in London, the lowest since the company split off its non-mining businesses in 1998. The stock fell for an 11th day, the longest losing streak since June 2001. Lonmin has slumped 38 percent since Glencore, the Swiss commodity trader and metals producer, said on February 11 that it was planning to distribute its stake in the platinum miner to its own shareholders before the end of June. Platinum for immediate delivery declined for a seventh day, dropping 0.2 percent to $1 126.75 an ounce (R13 754), the lowest since July 2009. “Lonmin requires a considerably more favourable platinum group metal pricing environment to pursue its current business plan,” Investec Securities said in an e-mailed note yesterday. Glencore’s plan “could see new holders seeking to divest their stake”, it said. Lonmin is cutting capital and operating expenses while imposing a hiring freeze as the Johannesburg-based company seeks to preserve cash following a five-month strike at its South African operations in the first half of 2014. The share closed 4.67 percent down at R20.40 on the JSE yesterday. – Bloomberg