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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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14 Dec 2015 08:58

South Africa's PIC lifts stake in Lonmin to just under 30%

(ShareCast News) - The Public Investment Corporation of South Africa has upped its stake in beleaguered platinum miner Lonmin to 29.9% from 7% after it purchased shares in the company's heavily-discounted rights issue. "The Lonmin board and management thank all shareholders and appreciate the valuab

14 Dec 2015 08:37

South Africa's PIC increases stake in platinum miner Lonmin

JOHANNESBURG, Dec 14 (Reuters) - South Africa's Public Investment Corporation (PIC) has increased its stake in platinum producer Lonmin to almost 30 percent after buying more shares via the company's rights issue. The PIC, which manages South African government employee retirement funds, no

13 Dec 2015 19:42

Sunday newspaper round-up: Debenhams, Buy-to-Let boom, Lonmin

(ShareCast News) - Debenhams has watered down the targets its bosses need to hit to receive multimillion-pound paydays, saying the lower hurdles reflect "ongoing challenges in the UK retail sector". The struggling department store chain, whose chief executive resigned in October after a wave of shar

11 Dec 2015 18:08

UPDATE 3-Lonmin shareholders shun crucial $400 mln rights issue

* Lonmin says 71 pct of shares on offer sold * Underwriters to find more buyers or take up shares * Shares fall more than 7 percent (Adds results of rump placing, analyst comment; updates shares) By Olivia Kumwenda-Mtambo JOHANNESBURG, Dec 11 (Reuters) - Platinum produce

11 Dec 2015 16:38

Lonmin Confirms Remaining Shares Under Rights Issue Placed (ALLISS)

11 Dec 2015 09:44

Crucial Lonmin rights issue sees 71% take-up

(ShareCast News) - Beleaguered platinum miner Lonmin reported a 71% take-up of its heavily-discounted $407m (£269m) right issue. The company said on Friday that it had received acceptances in respect of 19bn new shares out of the 27bn it was selling. The shares were priced at 1p each, which is a 94

11 Dec 2015 08:33

Lonmin Sees Lack Of Appetite For Rights Issue Despite Big Discount (ALLISS)

11 Dec 2015 07:28

Lonmin says $400 million rights issue undersubscribed

JOHANNESBURG, Dec 11 (Reuters) - Beleagured platinum producer Lonmin said on Friday its deeply discounted $400 million share issue was undersubscribed with about 71 percent taken up. The company, which is seeking cash to stay afloat, said it had received acceptances for 19 billion new share

10 Dec 2015 14:04

UPDATE 3-Glencore shares jump on debt reduction, spending cuts

* Targets net debt of $18 bln-$19 bln by end 2016 * Trading adjusted earnings seen at $2.5 bln in 2015 * Trading earnings seen at $2.4 bln to $2.7 bln in 2016 * Shares up 12 percent (Adds CEO, CFO comments, updates shares) By Olivia Kumwenda-Mtambo JOHANNESBURG, De

20 Nov 2015 06:55

Lonmin Shareholders Approve USD407 Million Rights Issue (ALLISS)

19 Nov 2015 16:25

UPDATE 3-Lonmin shareholders approve crucial cut-price rights issue

* Lonmin seeks $400 million to survive low prices * Priced the rights issue at 1 pence a share * Majority of shareholders approve the share sale * Concerns over viability of business remain (Adds Old Mutual, Investec stakes) By Atul Prakash and Clara Denina LONDON,

19 Nov 2015 10:56

RPT-Lonmin shareholders provisionally approve rights issue

(Repeats to attach to news alerts) LONDON, Nov 19 (Reuters) - Lonmin shareholders on Thursday provisionally approved the company's proposal to raise $407 million in a share issue. The final results of the votes will be announced later in the day, the company's Chairman Brian Beamish

19 Nov 2015 10:50

Lonmin shareholders provisionally approve rights issue

LONDON, Nov 19 (Reuters) - Lonmin shareholders on Thursday provisionally approved the company's proposal to raise $407 million in a share issue. The final results of the votes will be announced later in the day, the company's Chairman Brian Beamish said after the shareholder meeting in Lo

19 Nov 2015 07:00

RPT-Lonmin shareholders to vote on cut-price rescue rights issue

(Repeats earlier story. No change to text.) 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. Bat

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Lonmin commits to Sibanye deal following $200m purchase pact

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