Lonmin to issue 27bn new shares

2015-11-22 15:01

At least 18 months, but three years at the most. That’s how much of a reprieve Lonmin has before its cash flow will dry up and it will have to find new money sources again.

Lonmin faces a shareholder revolt

2015-11-15 15:01

The platinum miner is hoping 75% of its shareholders approve the biggest discount on a share issue in history, but not even the PIC’s enthusiasm is helping.

Lonmin prices rights issue at 1 pence a share

2015-11-09 10:20

Platinum producer Lonmin has priced its R5.78bn rights issue at a 94% discount as the firm fights for survival in the face of depressed commodity prices.

35 000 jobs stand between Lonmin and its survival

2015-11-06 07:22

To survive the slump in platinum prices, Lonmin may need to reduce production. The trouble is, it will mean fewer jobs in a country that can’t afford to lose any.

Rise and fall of a mining firm that tried to buy Harrods

2015-11-05 07:59

From Cecil Rhodes’ southern African legacy to takeover battles gripping the UK and a massacre at one of its mines, 106-year-old Lonmin risks entering its final act.

Lonmin sees $2.05bn impairment halving asset value

2015-11-02 11:36

Platinum producer Lonmin has extended its decline this year after saying it will write down the value of its net assets by as much as $2.05bn.

Lonmin - How Cyril never paid back the money

2015-10-22 16:15

Despite receiving over R1bn in dividends, advanced dividends and other loans, Lonmin’s BEE partner Shanduka is yet to repay a cent of the £200m (R2.3bn at the time) loan it was granted by Lonmin in 2010 to buy its stake in the platinum miner.

MPs left with egg on their faces as ‘corrupt Lonmin’ motion slips through unopposed

2015-09-11 12:41

On the same day that President Jacob Zuma was holding high-level discussions with mine bosses and other roleplayers, Parliament adopted a motion that describes the controversial mining company Lonmin as “corrupt to the core”.

Ailing Lonmin brings down operational costs

2015-08-27 12:58

Battling from an ever decreasing share price, Lonmin says it has managed to stem the cost of mining the platinum group of metals.

1 000 jobs at risk as Glencore to shut mine

2015-08-18 13:50

Glencore will shut its Eland platinum mine in South Africa, risking about 1 000 jobs, says trade union Solidarity.


Lonmin shareholders provisionally approve rights issue

2015-11-19 18:19

Lonmin shareholders have provisionally approved the company's proposal to raise $407m in a share issue.

Lonmin down over 30% as investors flee before rights issue

2015-11-10 13:20

Lonmin has dived to a record low for a second day as investors fled after the platinum producer said it would sell billions of shares at a fraction of the market price.

UPDATE: Shanduka 'committed' to Lonmin's BEE partner

2015-11-06 19:35

Empowerment group Shanduka says it remains committed to Incwala Resources, a BEE partner of struggling platinum miner Lonmin.

Shanduka on Lonmin: 'We chose not to pay'

2015-11-05 15:05

As Lonmin goes cap in hand to beg for a $400m bailout from shareholders to keep its struggling operations afloat, BEE partner Shanduka says it will walk away from its stake in the company.

Lonmin may shut down if share sale fails

2015-11-04 13:30

Lonmin says shareholders risk losses if they block a refinancing plan that includes a stock sale.

Lonmin faces BEE dilemma

2015-10-25 15:00

The company may fall below the threshold as BEE partners struggle with debt, writes Marcia Klein.

Embattled Lonmin unveils $770m rescue plan

2015-10-21 09:44

Lonmin seeks to raise $400m selling new shares to existing holders as it moves to stave off concerns its debt is unmanageable amid a slump in platinum prices.

Amplats sells Rustenburg mines to Sibanye for R4.5bn

2015-09-09 09:44

Anglo American Platinum has sold Rustenburg Platinum Mines to Sibanye Gold for R4.5bn.

Rhodes Must Fall Movement questions Judge Farlam's impartiality over Lonmin

The Rhodes Must Fall Movement at UCT is questioning Judge Ian Farlam's impartiality during the Marikana Commission of Inquiry. Watch to find out why.

10 comments1017 Views

Marikana: Miners' families seek billions in compensation

2015-08-16 16:04

The lawyers of mine workers wounded and arrested during the Marikana massacre are claiming not only R1 billion in damages from the state, but also more millions from mining company Lonmin and Protea Coin Security.

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