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Lonmin commits to Sibanye deal following $200m purchase pact

Mon, 22nd Oct 2018 10:48

(Sharecast News) - Platinum producer Lonmin sealed a $200m metal purchase agreement with Chinese outfit Jiangxi Copper to provide the miner with better liquidity while it waits for South African rival Sibanye-Stillwater's takeover to be finalised.The London-listed outfit told investors it would use the cash to fund operations and repay a $150m loan, which had risked derailing the takeover.However, Lonmin's chief executive Ben Magara said its new facilities with Jiangxi, the largest copper producer in mainland China, did do not address "fundamental business challenges facing Lonmin and do not offer an opportunity to avoid the announced retrenchments and shaft closures."Lonmin, which of has struggled with finding cash, revealed its intention to cut 12,600 jobs, including another 890 merger-related layoffs, when Sibanye agreed to acquire the firm back in December.Sibanye's all-share deal was green-lighted by South Africa's competition watchdog back in September. However, the regulator insisted Sibanye enter into three short-term projects as part of an attempt to avoid over 3,000 job losses.Net cash at Lonmin improved 10% year-on-year to $114m after average sale prices increased 20.4% to $1,016 per basket, including by-product revenue.Magara said: "Despite tough market conditions, except the favourable Rand, we have delivered more than we promised in all areas of our business. These pleasing results demonstrate once again that despite these uncertain times, we can dig deep and use all levers within our control to maintain our net cash position.""The board of Lonmin remains focused on completing the Sibanye-Stillwater all share transaction, which we firmly believe provides a sustainable solution and is in the best interest of all our stakeholders."As of 1220 BST, Lonmin shares had slipped 0.47% to 53p.

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19 Nov 2015 00:00

Lonmin shareholders to vote on cut-price rescue rights issue

By Olivia Kumwenda-Mtambo JOHANNESBURG, Nov 19 (Reuters) - Lonmin shareholders will on Thursday decide whether to approve a deeply-discounted $407 million share issue, as the beleaguered platinum producer seeks cash to stay afloat. Battered by strikes, rising costs and weak platinum p

17 Nov 2015 09:53

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11 Nov 2015 15:55

As Lonmin fights for survival, miners move to cash in and quit

* Hit with losses, Lonmin striving to stay afloat * Seeking $407 mln in massively-discounted share issue * Aims to cut 6,000 jobs by next year to cut costs * So far more than 3,000 workers have left voluntarily By Olivia Kumwenda-Mtambo MARIKANA, South Africa, Nov 11

10 Nov 2015 14:38

Lonmin tumbles as investors run for the exit ahead of rights issue

(ShareCast News) - Shares in beleaguered platinum miner Lonmin tumbled for the second day in a row as investors rushed for the exits ahead of a highly-discounted rights issue. Lonmin said on Monday it would launch a $407m (£270m) rights issue, which represents a 94% discount to the company's share p

9 Nov 2015 11:50

London midday: FTSE little changed as investors digest US rate expectations

(ShareCast News) - Housebuilders were the standout losers on the FTSE 100 after after Friday´s much stronger-than-expected US jobs report for October stoked speculation of rising interest rates worldwide. At midday, the FTSE 100 was off by just 0.69 points or 0.01% to 6,353.11. The latest US non-fa

9 Nov 2015 10:13

Lonmin launches rights issue at 94% discount as losses widen

(ShareCast News) - Beleaguered platinum miner Lonmin has launched a $407m (£270m) rights issue - a 94% discount to its share price last week - as it struggles to keep afloat amid declining platinum prices and rising costs. Shareholders will be able to subscribe for 46 new shares for each Lonmin shar

9 Nov 2015 09:30

UPDATE 2-Lonmin offers 94 pct discount on crucial rights issue

* Lonmin to sell 27 billion new shares * Rights issue priced at 1 pence a share * Full-year pre-tax loss widens to $2.26 bln (Adds CEO and analysts comments, shares, results) By Olivia Kumwenda-Mtambo JOHANNESBURG, Nov 9 (Reuters) - Platinum producer Lonmin priced its

9 Nov 2015 08:30

London open: Financials in the lead, homebuilders move lower

(ShareCast News) - Financials were leading gains on the Footsie early on Monday, with utilities and homebuilders again bearing the brunt of the selling pressure on the top flight index after Friday´s much stronger-than-expected US jobs report for October. The FTSE 100 was trading up by 0.33% to 6,37

9 Nov 2015 08:22

UPDATE: Lonmin Launches Rights Issue As Loss Significantly Widens (ALLISS)

9 Nov 2015 07:49

Lonmin Launches Large, Heavily Discounted Rights Issue (ALLISS)

9 Nov 2015 07:35

BUZZ-Lonmin shares soar after company offers 94 pct discount on right's issue

** Lonmin's Johannesburg-listed shares up more than 13 pct. ** Offers 94 pct discount at right's issue. ** Mining firm's $407 mln rights issue puts 27 billion new shares on offer. ** Lonmin said it would sell 27 billion shares at 1.00 pence each to its shareholders, compared to

9 Nov 2015 07:29

Lonmin prices rights issue at 1 pence a share

JOHANNESBURG, Nov 9 (Reuters) - Platinum producer Lonmin on Monday priced its $407 million rights issue at a 94 percent discount as the firm fights for survival in the face of depressed commodity prices. Lonmin said it would sell 27 billion shares at 1.00 pence each to its shareholders, c

5 Nov 2015 09:38

Thursday broker round-up

(ShareCast News) - Standard Chartered: Macquarie downgrades to underperform. Target price: 550.00p. Quarto Group Inc: Northland Capital Partners initiates new coverage with a buy, sets target price at 350.00p. Howden Joinery Group: N+1 Singer upgrades to buy. Sabmiller: Societe Generale downgrades

4 Nov 2015 13:09

UPDATE 2-Lonmin faces collapse if shareholders reject $400 mln cash call

* Lonmin says rights issue must be backed if company to survive * Company could go under between December and May 2016 (Adds analyst comment, detail) By Zandi Shabalala JOHANNESBURG, Nov 4 (Reuters) - Lonmin , world's No.3 platinum miner, urged shareholders to approve a $400 m

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Lonmin commits to Sibanye deal following $200m purchase pact

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