Higher stocks give Lonmin breathing space during strike -CEO

CAPE TOWN, Feb 4 (Reuters) - Higher stocks than usual are helping South African platinum producer Lonmin LMI.L to cope with mining strikes that are currently paralising its production, Lonmin's chief executive said on Tuesday.

Lonmin, the world's third-biggest platinum producer is currently losing about 3,100 ounces of refined output per day because of the strike over wages, which started almost two weeks ago.

"We have been very fortunate in the sense that the performance of 2013 gave us some breathing space," Lonmin Chief Executive Ben Magara told Reuters.

"In terms of our inventories, in the first quarter we have produced more than we have sold because we really wanted to just make sure that we had some arrangements to meet our customers' (demand) and make sure that that relationship is sustained."

(Reporting by Silvia Antonioli and Ed Stoddard; editing by David Evans)

((silvia.antonioli@thomsonreuters.com)(+44)(0)(20 7542 1755)(Reuters Messaging: silvia.antonioli.reuters.com@reuters.net))

Keywords: AFRICA MINING/LONMIN