|Bid||35.00 x 444900|
|Ask||49.00 x 140500|
|Day's Range||36.50 - 39.49|
|52 Week Range||36.00 - 109.50|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 29, 2018 - Nov 2, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.49|
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".
JOHANNESBURG/LONDON (Reuters) - Britain's Competition and Markets Authority (CMA) unconditionally cleared Sibanye-Stillwater's (SGLJ.J) proposed takeover of Lonmin (LMI.L) (LONJ.J) on Thursday saying the mining merger would not require a second phase investigation. The South African precious metals miner made an all-share offer for London-listed Lonmin in December in a 285 million pound ($386 million) deal aimed at creating the world's No.2 platinum producer. "We look forward to the combination of the businesses creating a leading mine-to-market player with enhanced scale and resources, able to compete more effectively," the CEOs of Sibanye and Lonmin said in a joint statement.
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.
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 ...
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.