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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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8 Feb 2016 13:51

UPDATE 1-South African platinum sector girds for wage talks, pleads poverty

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8 Feb 2016 12:30

South African platinum sector girds for wage talks, pleads poverty

* Amplats, Impala and Lonmin gear up for talks in June * Platinum price down around 30 pct year-on-year By Ed Stoddard and Zandi Shabalala CAPE TOWN, Feb 8 (Reuters) - The world's top platinum producers, which are losing money as costs soar and prices sink, are pleading poverty

5 Feb 2016 09:30

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2 Feb 2016 17:28

Police watchdog recommends charges against South African police commissioner

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29 Jan 2016 16:47

Friday broker round-up

(ShareCast News) - Experian: Exane BNP Paribas upgrades to outperform with a 1350p target. Mitchells & Butlers: JP Morgan downgrades to neutral with 370p target, down from 420p Dcc: Exane BNP Paribas promotes to outperform with 6200p target. Lonmin: HSBC upgrades to buy, target 76p; Deutsche reite

29 Jan 2016 12:13

Broker tips: Lonmin, FirstGroup, Sky

(ShareCast News) - After a poor share price performance, HSBC has upgraded Lonmin from 'hold' to 'buy' but has cut its target price from 135p to 76p. The company's first quarter production report out on Thursday was mixed, according to the investment bank. "Safety stoppages impeded production momen

29 Jan 2016 10:24

Lonmin upgraded by HSBC on poor share performance

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29 Jan 2016 08:15

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28 Jan 2016 08:59

Lonmin Platinum Production Rises As Workforce Reduction Progresses

28 Jan 2016 08:39

UPDATE 1-Platinum producer Lonmin cuts jobs and costs

(Adds detail) JOHANNESBURG, Jan 28 (Reuters) - Lonmin said on Thursday it would continue to review its services and reduce costs, mainly through job cuts, as the sliding price of platinum bites further. The company said labour costs fell 194 million rand ($11.8 million) in the last th

28 Jan 2016 07:56

Platinum producer Lonmin cuts jobs and costs

JOHANNESBURG, Jan 28 (Reuters) - Platinum producer Lonmin will continue to review its services and reduce costs, mainly through cutting jobs, as the slide in the price of its main commodity bites further. The company said labour costs fell 194 million rand ($11.8 million) in the last three

22 Jan 2016 16:03

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Lonmin Share News (LMI)

Lonmin commits to Sibanye deal following $200m purchase pact

UPDATE 1-South African platinum sector girds for wage talks, pleads poverty

South African platinum sector girds for wage talks, pleads poverty

BROKER RATINGS SUMMARY: Barclays Cuts Enterprise Inns To Underweight

Police watchdog recommends charges against South African police commissioner

Friday broker round-up

Broker tips: Lonmin, FirstGroup, Sky

Lonmin upgraded by HSBC on poor share performance

BROKER RATINGS SUMMARY: Shore Capital Upgrades Sky To Buy From Hold

LONDON BRIEFING: James Murdoch Back As Chairman Of Sky

Lonmin Platinum Production Rises As Workforce Reduction Progresses

UPDATE 1-Platinum producer Lonmin cuts jobs and costs

Platinum producer Lonmin cuts jobs and costs

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