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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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2 Nov 2015 09:39

UPDATE 1-Lonmin's annual refined platinum output at 8-year high

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2 Nov 2015 08:58

Lonmin's annual refined platinum output hits 8-year high

Nov 2 (Reuters) - Lonmin said on Monday its full-year refined platinum output hit an 8-year high as it recovers from a five-month strike last year. Lonmin said refined platinum output for the year to end-September rose 74 percent to 759,695 ounces from the previous financial year. Th

2 Nov 2015 08:49

Lonmin Says Platinum Sales Up But Low Prices Mean It Expects Big Loss

26 Oct 2015 09:36

BROKER RATINGS SUMMARY: Investec Raises Senior To Buy From Hold

22 Oct 2015 16:36

Broker tips: Pearson, Lonmin

(ShareCast News) - Education group Pearson was under the cosh for the second day in a row as JPMorgan Cazenove downgraded the stock to 'neutral' from 'overweight' and slashed the price target to 1,080p from 1,365p following the company's interim management statement on Wednesday. JPM attributed the

22 Oct 2015 10:20

Thursday broker round-up

(ShareCast News) - Centamin (di): Goldman Sachs starts new coverage with a buy, sets target price at 80.00p. Lonmin: JP Morgan Cazenove upgrades to overweight, raises target price to 35.00p. Pearson: JP Morgan Cazenove downgrades to neutral. Target price: 1080.00p. Hays: Credit Suisse upgrades to

22 Oct 2015 09:48

JPMorgan upgrades Lonmin on debt restructuring plan

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22 Oct 2015 08:40

BROKER RATINGS SUMMARY: Merrill Lynch, JPMorgan Cut Pearson To Neutral

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21 Oct 2015 12:58

South Africa charges miners over Marikana murders - lawyer

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Lonmin commits to Sibanye deal following $200m purchase pact

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