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Technologies used to carve subways and clear landmines are being retooled to mechanise South Africa's platinum mines, where an unforgiving geology has stymied such efforts at a huge cost. The technologies may make new mines profitable and could provide a lifeline for some loss-making shafts in a sector battered by low prices and social unrest, but there are limits. The stakes are high in the world's top producer of the metal: most of South Africa's platinum shafts are losing money, while the handful of mechanised ones are profitable.
Britain's Competition and Markets Authority said it will examine whether a takeover of Lonmin (LMI.L)(LONJ.J) by South Africa's Sibanye-Stillwater (SGLJ.J) would reduce competition, knocking shares in both mining firms. Precious metals miner Sibanye-Stillwater made an all-share offer for London-listed Lonmin in December, but the planned 285 million pound deal to create the world's No.2 platinum producer faces several other hurdles. Shares in cash-strapped Lonmin, the world's third-largest platinum producer, had slipped 4 percent in London by 1554 GMT, while Sibanye, the fourth-largest, saw its stock close down 5.3 percent in Johannesburg.
Lonmin’s merger with a South African rival was dealt another blow on Tuesday after the competition watchdog said it will investigate the tie-up. The Competition and Markets Authority, under pressure after blocking other rescue deals, will examine if the proposed $383 million (£283 million) deal with Sibanye-Stillwater would make the platinum market less competitive. The union would create one of the world’s biggest platinum producers if it goes ahead, controlling a 25% chunk of the market.
The deal to save Lonmin, the struggling platinum producer, is facing another hurdle. The UK’s competition regulator said on Tuesday it was studying its proposed takeover by Sibanye-Stillwater, a deal that will create one of the world’s largest precious metal companies. Analyst had expected the deal to be referred to the UK’s competition watchdog because the combined company will control around 25 per cent of the global platinum market.
LONDON/JOHANNESBURG (Reuters) - Lonmin (LMI.L) (LONJ.J) narrowed its first-half operating loss and set out plans to cut spending as the platinum miner tries to keep a takeover by Sibanye-Stillwater on track by conserving cash. The proposed deal with precious metals producer Sibanye-Stillwater (SGLJ.J), vital to Lonmin's survival, is conditional upon Lonmin retaining a positive cash balance by the time it is scheduled to close in the second half of the year. Lonmin has been crippled by soaring costs and subdued platinum prices, forcing it to raise cash from investors three times since 2009 and cut thousands of jobs.
JOHANNESBURG (Reuters) - Lonmin's (LMI.L)(LONJ.J) ability to remain a going concern over the next 12-18 months has "material uncertainties", its chief financial officer said during a results ...
Sibanye-Stillwater has said it will walk away from its $140m stock offer for Lonmin if it does not have a net cash position when the deal closes later this year. London-listed Lonmin revealed on Monday that its cash position has fallen to $17m in the six months to March from $75m in the same period a year ago.
, the struggling platinum producer, insisted a rescue takeover from South African rival Sibanye-Stillwater remained on track as it slipped to a first-half loss and reported a further deterioration in its finances. The London-listed miner said on Monday its net cash position had dropped to just $17m at the end of March, down from $63m at the start of the year, as it continued to battle tough market conditions. While not a condition of the takeover, Sibanye says it will not ask shareholders to vote on the deal unless Lonmin has a net cash position when all the regulatory approvals are in place.
“We are downgrading Lonmin to a sell due to the increasing risk that the merger with Sibanye falls apart and the subsequent difficulties it would face in securing a refinancing of its debts,” said Liberum analyst Ben Davis in a note to clients. Mr Davis said Sibanye boss Neal Froneman had publicly stated that he will not seek approval for the 51.5p a share offer from his company’s investors if Lonmin is in net debt position when the deal closes later this year. “We estimate that Lonmin’s net cash position will be between $53m-$63m depending on production run-rates at the first-half results next week.
Investors are always looking for growth in small-cap stocks like Lonmin Plc (LSE:LMI), with a market cap of UK£182.22M. However, an important fact which most ignore is: how financially healthyRead More...
When Lonmin Plc Chief Executive Officer Ben Magara announced in December that Sibanye Gold Ltd. had agreed to buy the platinum miner, he was visibly relieved.
Lonmin Plc (LSE:LMI), a metals and mining company based in South Africa, saw a decent share price growth in the teens level on the LSE over the last few months.Read More...
Sibanye Gold Ltd. will consider moving its primary listing to North America from Johannesburg to allow the miner to tap capital in that market and help fund future deals.
South African miner Lonmin (LMI.L) announced a $1.1 billion impairment charge on Monday due to weaker platinum prices and a firmer rand, plunging it deeper into operating losses ahead of its planned takeover by rival Sibanye-Stillwater (SGLJ.J). Sibanye agreed in December to buy Lonmin for about $382 million (274.80 million pounds) to create the world's second-biggest platinum producer to try to ride out depressed prices for the metal. It said it planned to cut a third of Lonmin jobs.
Platinum miner Lonmin (LMI.L) (LONJ.J) has received a further waiver on its debt agreements from its lenders, preventing a default, the South Africa-focused company said on Thursday. London-listed Lonmin, which is being bought by Sibanye-Stillwater (SGLJ.J), has been battling liquidity issues caused by combination of low platinum prices, a strengthening local currency and soaring costs. Lonmin's lenders had granted the company a waiver of compliance with a loan agreement that required its net worth to remain at a minimum of $1.1 billion, the company said.
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.
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 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.