Lonmin Share News (LMI)

Lonmin Information

There is currently no data for LMI

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.

More News

15 Jun 2016 15:32

Wednesday broker round-up

(ShareCast News) - Arrow Global Group: Goldman Sachs reiterates buy with a target price of 340p. Crest Nicholson: JP Morgan keeps at overweight with a 700p target. Shire: Exane BNP Paribas stays at outperform with a target price of 5700p and Jefferies keeps at buy with a target price of 5500p. Woo

15 Jun 2016 11:02

Broker tips: Wood Group, Jimmy Choo, Lonmin

(ShareCast News) - Shares in oil and gas services company Wood Group rose on Wednesday as Jefferies initiated its rating on the stock at 'buy'. "The company, in our view, has executed a far more coherent growth/mergers and acquisitions strategy compared to UK Service peers, Amec Foster Wheeler and P

15 Jun 2016 08:30

BROKER RATINGS SUMMARY: Go-Ahead Raised By JPMorgan, Cut By Investec

15 Jun 2016 07:44

UBS cuts Lonmin to 'sell' on stretched valuation

(ShareCast News) - UBS downgraded Lonmin to 'sell' from 'neutral' but lifted the price target to 140p from 110p, saying the valuation looks stretched following a strong share price performance. The bank said Lonmin achieved good cost performance in the second quarter of 2016, with unit costs down 3%

15 Jun 2016 07:18

LONDON BRIEFING: Hollywood Bowl Lifts Some Brexit Gloom With IPO Plan

7 Jun 2016 15:56

UPDATE 3-Northam Platinum workers say will not return to work due to safety concerns

* South Africa platinum sector has been marred by labour violence * NUM says six members have been murdered at Northam * Company urges workers to resume after output suspended Monday * Sector is struggling with depressed prices, rising costs (Adds AMCU comment, Northam urges w

16 May 2016 16:02

LONDON MARKET CLOSE: Miners Stand Out As FTSE 100 Starts Week Higher

16 May 2016 15:43

Britain's FTSE finishes higher on stronger miners

(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details) * Blue-chip FTSE 100 index ends 0.2 pct higher *

16 May 2016 15:12

Britain's FTSE index edges higher on stronger miners

16 May 2016 12:58

Lonmin reduces H1 loss, advances business plan delivery

(ShareCast News) - South African miner Lonmin has flagged significant progress in the delivery of its business plan as it posted a much-reduced H1 pretax loss of $21m, from a loss of $118m. The metals digger mined a total of 5.1m tonnes in the six months to 31 March, of which 76.6% was from core Gen

16 May 2016 12:09

South Africa's AMCU union to set wage demands for platinum sector

JOHANNESBURG, May 16 (Reuters) - Members of South Africa's Association of Mineworkers and Construction Union (AMCU) will on Thursday begin meetings to decide on pay demands for platinum companies as wage talks loom, a spokesman said on Monday. Manzini Zungu said the union's branches would p

16 May 2016 11:13

EXTRA: Lonmin Soars As Loss Narrows And Guidance Remains Intact

16 May 2016 10:59

LONDON MARKET MIDDAY: Miners Supported By Chinese Stimulus Hopes

16 May 2016 09:35

WINNERS & LOSERS SUMMARY: Markets Unimpressed By British Land Earnings

16 May 2016 08:22

BUZZ-Lonmin: Soars as H1 reassures investors

** Platinum miner Lonmin's shares up 15 pct, top performers on FTSE Small Cap index, after reporting H1 core profit of $36 mln vs $6 mln loss a year earlier ** Co says cost-cutting ahead of schedule, adds now in net cash position vs net debt at Sept. 30 ** "The results reflect conside

Latest Share Chat

Lonmin Share News (LMI)

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Lonmin commits to Sibanye deal following $200m purchase pact

Login to your account

Quickpicks are a member only feature

Login to your account