|Bid||1,310.00 x 0|
|Ask||1,375.00 x 0|
|Day's Range||1,315.00 - 1,366.00|
|52 Week Range||7.33 - 1,600.00|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.73|
Lonmin also said on Thursday it expects Sibanye's deal to close early next year, but cautioned that some uncertainty still exists over its completion, which is subject to certain conditions. Lonmin shares rose as much as 9.3 percent to 47 pence after its results for the year ended September showed an operating profit of $101 million, compared with a more than $1 billion loss a year earlier. The London-listed miner, crippled by soaring costs and subdued platinum prices, has been cutting spending to conserve cash and retain a positive cash balance, one of the conditions upon which South Africa-based Sibanye's takeover is contingent.
Strapped for cash, Lonmin had unveiled plans to cut 12,600 jobs and have a further 890 merger-related layoffs when Sibanye agreed to buy out the company in December. Lonmin said it remains committed to the proposed deal with the South African competition tribunal's hearing set for Nov. 12 to Nov. 14. The funding agreement Lonmin has entered with an associate of Jiangxi Copper Company Limited is secured over Lonmin's assets and removes some restrictions present in the company's current debt facilities related to completion of the Sibanye deal.
South Africa’s antitrust regulator recommended Sibanye Gold Ltd.’s acquisition of Lonmin Plc be approved, clearing a key hurdle for the deal that throws a lifeline to the struggling platinum producer. It may be approved if Sibanye tries to save about 3,700 jobs of the more than 13,000 it plans to cut over the next two years, the Competition Commission said on Monday. Sibanye’s acquisition of Lonmin is the latest in a series of deals by Chief Executive Officer Neal Froneman, who has transformed the gold miner by expanding into platinum-group metals and last year bought a U.S. palladium miner for $2.2 billion.
Three of Sibanye Gold Ltd.’s largest investors, controlling more than a third of its shares, have indicated they will vote in favor of its planned takeover of Lonmin Plc, according to people familiar with the matter. Gold One Group, Sibanye’s largest investor with about 19 percent, and South Africa’s Public Investment Corp. both told the companies they will support the all-share deal, said the people, who asked not to be identified because the information is private. Exor Investments UK LLP, which owns shares in both companies, has also indicated it will back the transaction, they said.
Miner Impala Platinum will slash about a third of its workforce over two years in one of the biggest rounds of job cuts by one mining company in living memory in South Africa as the platinum industry faces a day of reckoning. The number of platinum miners employed in South Africa, the world's largest producer of the precious metal, has fallen from a peak of almost 200,000 in 2008 to 175,000 in the face of depressed prices and soaring costs, fuelling labour and social unrest. Job cuts are politically sensitive in the country and Mines Minister Gwede Mantashe, a gruff former trade unionist, called Implats' announcement on Thursday "a clear example of a company that is careless...Their reckless actions add injury to insult".
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 ...