|Bid||71.00 x 444900|
|Ask||95.00 x 140500|
|Day's Range||76.93 - 88.00|
|52 Week Range||55.75 - 186.75|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
LONDON/JOHANNESBURG, Dec 14 (Reuters) - South Africa's Sibanye-Stillwater agreed to buy troubled miner Lonmin for about 285 million pounds ($382 million) to create the world's No. 2 platinum producer in a bid to ride out depressed prices for the metal. Sibanye, whose CEO is called "Mr Fix It" for turning his firm from a spin-off with three old mines into a global precious metals player, said it would cut a third of Lonmin's employees and deliver savings of about $112 million a year by 2021. Lonmin, the world's third biggest platinum producer, has burned through $1.6 billion in cash which was raised from investors since platinum prices plunged 60 percent from their peak in 2008.
European shares lagged their U.S. peers and closed in negative territory on Thursday, as a busy day of central bank meetings failed to provide momentum even though the European Central Bank raised its growth and inflation forecasts. Europe's STOXX 600 ended the day down 0.46 percent, while U.S. stocks climbed higher in morning trading, boosted by news that a long-awaited tax cutting bill should face final votes in Congress before the year-end. "The only reason for U.S. stocks to overperform today is the hope of a tax reform", said Nicolas Cheron, head of research at Binck, adding that investors were typically cautious at this time of the year before often heading into a "Christmas rally".
Britain's top share index slipped on Thursday, weighed down by losses among financial stocks, while miner Lonmin soared after a rescue takeover bid. The FTSE index fell 0.46 percent to 7,462 points, with scarce impact from the Bank of England's decision to keep benchmark interest rates on hold. The decision was widely expected, with the economy slowing amid uncertainty over the country's exit from the European Union.
LONDON/JOHANNESBURG (Reuters) - South Africa's Sibanye-Stillwater agreed to buy troubled miner Lonmin for about 285 million pounds to create the world's No. 2 platinum producer in a bid to ride out depressed prices for the metal. Sibanye, whose CEO is called "Mr Fix It" for turning his firm from a spin-off with three old mines into a global precious metals player, said it would cut a third of Lonmin's employees and deliver savings of about $112 million (£83.4 million) a year by 2021. Lonmin, the world's third biggest platinum producer, has burned through $1.6 billion in cash which was raised from investors since platinum prices plunged 60 percent from their peak in 2008.
LONDON (Reuters) - Retaining jobs has to be a priority following Sibanye-Stillwater's (SGLJ.J) takeover of platinum producer Lonmin (LMI.L) (LONJ.J), the South African mining minister said on Thursday. ...
Sibanye said it had agreed to buy London-listed miner Lonmin for $380 million, the latest in string of deals that have reshaped the South African company into the world’s No. 2 platinum producer.
JOHANNESBURG (Reuters) - South Africa-focused miner Lonmin has sufficient liquidity until precious metal group Sibanye-Stillwater concludes a $382 million (£284.2 million) takeover, the London-listed firm's ...
Platinum producer Lonmin has agreed to a takeover by South Africa's Sibanye-Stillwater , the companies said in a statement Thursday. Lonmin shareholders will receive 0.967 new Sibanye-Stillwater shares ...
Sibanye Gold Ltd. plans to buy Lonmin Plc, marking the end of the smallest and most financially stressed of the world’s three biggest platinum miners.
JOHANNESBURG/LONDON (Reuters) - Troubled platinum producer Lonmin plans to cut spending on social and labour projects and freeze "non-critical" recruitment, part of an array of measures to save cash, according to an unpublished presentation reviewed by Reuters. The South African miner, not for the first time, is facing an uncertain future after earlier this month delaying annual financial results pending conclusion of a business review, a move that sent its shares down 30 percent in a single day. In the presentation to stakeholders earlier this month, the company signaled it would stop all discretionary spending and save 250 million rand ($18.3 million) via energy and water initiatives.
Workers employed by Lonmin's (LMI.L) community shareholder Bapo Ba Mogale are protesting that they have not been fully paid, causing minor disruption at two of the platinum miner's shafts, the South African-focused firm said on Thursday. Lonmin, grappling with soaring costs and low platinum prices, briefly shut the two shafts earlier this year when community members held protests to demand jobs. "We are experiencing minimal challenges as some buses to our E2 and E3 shafts are running later than usual," said Lonmin spokeswoman Wendy Tlou.
Every day, Lonmin Plc sends thousands of miners hundreds of meters below ground, where they use drills, diggers and explosives to extract about 40,000 metric tons of rock laden with precious metals.
South African stocks ended higher on Monday with Lonmin in the spotlight amid growing concerns about the future of the platinum miner. Lonmin's share price plunged on Friday after it delayed its financial results because it could not give a specific figure for the impact of an ongoing business review. Its shares, which are also listed in London, slumped a further 6 percent to 13.28 rand on Monday, bringing the cumulative decline to just over 32 percent since the start of Friday.
The threat of a strike in South Africa put renewed pressure on Lonmin (LMI.L) on Monday as Chief Executive Ben Magara sought to reassure investors that the platinum miner's underlying business was robust. The South African firm, not for the first time, faces an uncertain future in the wake of a 30 percent plunge in its share price on Friday after it delayed annual financial results because it could not yet give a specific figure for the impact of an ongoing business review. "There is no risk of closure," Magara told Reuters on Monday, adding that the disposals of non-core greenfield projects and downstream processing capacity were on the table.
MOOINOOI, South Africa (Reuters) - Skilled workers could go on strike at Lonmin (LMI.L) (LONJ.J) as early as next month in a union recognition dispute, South African trade union Solidarity told Reuters ...
MOOINOOI, South Africa (Reuters) - Lonmin (LMI.L)(LONJ.J) has adequate liquidity and is not at risk of closure, the platinum mining company's chief executive told Reuters on Monday. "There is no risk ...
Embattled London and Johannesburg-listed platinum producer Lonmin (LMI.L) (LONJ.J) will unveil new health and road projects in South Africa on Monday in a ceremony that will be overshadowed by its latest share price collapse. Lonmin, not for the first time, is facing an uncertain future after its shares lost 30 percent on Friday when it delayed annual financial results due this month pending the conclusion of a business review. Lonmin, one of the world's top platinum producers, has been in the doldrums for years due to low prices and soaring costs and has been to shareholders for rights issues to shore up its balance sheet three times since 2009.
MILAN/LONDON (Reuters) - British shares hit a record closing high on Friday, supported by a rally in global stocks and the Bank of England's interest rate hike, which helped British exporters by putting pressure on sterling. The exporter-heavy FTSE 100 index (.FTSE) peaked at 7580.95 - 18 points short of June's all-time intraday record - and ended 0.1 percent higher on the day at a 7,560.35, for a 0.7 percent gain on the week. "Globally, stocks are at record highs, so it would be a pretty dire sign if the FTSE was not in on the action when the economy is just about keeping up with peers," said ETX Capital analyst Neil Wilson.
Lonmin (LMI.L) (LONJ.J) shares fell around 25 percent on Friday after the platinum miner delayed its annual financial results because it could not yet give a specific figure for the impact of an ongoing business review. The London and Johannesburg listed miner announced a review of its business in August to address uncertainties about its ability to continue as a going concern. "The Operational Review, and the potentially significant outcomes, has required and continues to demand management's undivided attention and, as a result, the preparation of the audited full year financial results has been delayed," the company said.
LONDON (Reuters) - Platinum miner Lonmin (LMI.L) plans to cut over 1,000 jobs before Christmas, South Africa's Solidarity union said on Monday, due to persistently low commodity prices and rising costs. ...
The top mine-labor group in South Africa’s platinum belt hired private investigators and offered a cash reward for information on a series of shootings that killed at least six union members.
A new power struggle is unfolding in South Africa's old homelands between global mining giants, traditional leaders and an impoverished rural populace. Parts of an industry long used to labour unrest are now contending with community protests that have cut production of the country's largest mineral export earner, platinum, and may shut some operations down altogether. At the heart of the conflict are tribal leaders who have royal titles and feudal-style control over the homelands, poor rural areas designated to South Africa's black majority by its former white minority rulers during apartheid.
Africa’s mining industry has had a tough time lately, with policy changes and regulators forcing two mining heavyweights into a difficult position