24 Mar 2016 09:32
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Don't have an account? Click here to register.Lonmin risks recede along with rand, Liberum reckons
Mon, 10th Sep 2018 12:58
(Sharecast News) - Lonmin is looking a less risky investment than it seemed a few months ago, said broker Liberum on Monday, upgrading the miner to 'hold'.The broker had in May considered the rate of cash burn and that the chance the proposed merger with Sibanye falling apart were too high, downgrading the shares to 'sell'.A 30% devaluation in the South African rand in the last six months, as the emerging markets currency crisis and the confirmation that the country has gone into recession, will benefit Lonmin's cost base as it is predominantly in local terms."Lonmin as result is no longer losing cash for each ounce they produce and should finish the financial year with circa $40m in cash (assuming they have managed to unlock the $47m of PGM ounces in the smelter)."Another factor is the public support from the Public Investment Corporation for the merger, which Liberum said has "derisked the merger substantially, although not entirely", with the Competition and Markets Authority having also approved the deal.Liberum had a 40p target price on the shares and noted that shares trading a 12% discount to the implied bid, "a more a suitable discount for a deal that is still far from certain to complete".
More News
3 Mar 2016 10:44
BUZZ-Lonmin: jumps 15% on clarity over restructuring
** Platinum miner Lonmin's shares up 15 pct after saying it cut 5,108 jobs after its restructuring ** S.African union had said on Wednesday that only 75 jobs would be lost at co ** Co top FTSE small cap gainer ; more than half of its 30-day avg vols gone through by 1015 GMT ** S
Read more3 Mar 2016 10:34
UPDATE 1-Lonmin says over 5,000 workers leave after restructuring
* Share price shoots up 17 pct, looks overbought at such levels * Lonmin says over 5,000 now cut from headcount, most voluntary (Adds details, spokeswoman) JOHANNESBURG, March 3 (Reuters) - South African-focused platinum producer Lonmin said on Thursday it had trimmed its workforce
Read more3 Mar 2016 10:03
Lonmin says over 5,000 workers leave after restructuring
JOHANNESBURG, March 3 (Reuters) - South African-focused platinum producer Lonmin said on Thursday it had trimmed its workforce by over 5,000 in a restructuring triggered by depressed prices. There has been some confusion over the process after the Association of Mineworkers and Constructio
Read more2 Mar 2016 10:15
RPT-South Africa's AMCU union says fewer jobs to be lost at Lonmin after negotiations
(Repeats to more subscribers with no change to text) JOHANNESBURG, March 2 (Reuters) - South Africa's Association of Mineworkers and Construction Union (AMCU) said on Wednesday fewer jobs would be lost at platinum producer Lonmin following talks with the company. The union did not i
Read more2 Mar 2016 09:55
South Africa's AMCU union says fewer jobs to be lost at Lonmin after negotiations
JOHANNESBURG, March 2 (Reuters) - South Africa's Association of Mineworkers and Construction Union (AMCU) said on Wednesday fewer jobs would be lost at platinum producer Lonmin following talks with the company. The union did not immediately give a figure of workers fired by the firm which
Read more15 Feb 2016 14:54
Job cuts to escalate in South African mines as global economy slows
* Political, union pressure on companies to halt job losses * Ruling party worried job cuts could affect local elections * Weaker rand offers some support to mining firms By Zandi Shabalala CAPE TOWN, Feb 15 (Reuters) - Job losses in South Africa's mining sector are likely
Read more9 Feb 2016 12:43
Lonmin CEO says will not shy away from merger or takeover
By Olivia Kumwenda-Mtambo CAPE TOWN, Feb 9 (Reuters) - Lonmin will not "shy away" from a merger or takeover but for now the company was focused on its plan to survive tough market conditions, its chief executive said on Tuesday. "We are continuously looking at options to maximise valu
Read more9 Feb 2016 10:51
South Africa plans fuel cell plant to boost platinum demand
* Platinum price has tumbled, firms struggling * Govt supporting fuel cell plant to increase demand * Plant likely by 2018 - Isondo Precious Metals CEO By Wendell Roelf CAPE TOWN, Feb 9 (Reuters) - South Africa plans to set up a fuel cell component plant by 2018, the lates
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