Relieved Magara commits to stem Lonmin outflow
Ben Magara, CEO of Lonmin, said the company had done the right thing and would be cash flow neutral in three years at current spot prices.
ETF liquidations soar since Lonmin rights offer
Up to 14% and 18% of total platinum and palladium-backed exchange traded funds were liquidated since Lonmin unveiled a $408m rights offer on November 9.
PIC underwrites 25% of Lonmin rights offer
State-owned pension fund, the Public Investment Corporation, is to under-write a further 25% of Lonmin should the rights offer receive the green light this week.
“We could have done it better”: Lonmin’s Magara
Costly decisions on mechanisation, new projects and failing to cut production quickly enough were mistakes his and other platinum companies had committed.
PIC chided for risky business in Lonmin offer
Neal Froneman, CEO of Sibanye Gold, asked why the PIC was investing pension funds in Lonmin which was "a risky" investment.
Lonmin write down an omen of stricken sector
Lonmin's announcement that it would write-down up to R2.05bn in assets would be the first of many in the stricken platinum sector, analysts said.
Eastplats sale to Chinese stalls amid bust-up
Eastern Platinum conceded that its chances of selling its South African assets to a Chinese company hinged on the buyer resolving shareholder differences.
Lonmin plunges 40% as investors flee dilution
Investors appeared to reject Lonmin's proposed rights offer while one analyst said shareholders should vote the offer down and put pressure back on the banks.
Lonmin to issue shares at deep 94% discount
Shares in Lonmin would be sold for 21.4 cents - a 94% discount - in terms of its $400m rights offer that nonetheless paves the way for $370m in debt refinancing.
Shanduka swears committment to Incwala
Shanduka said it remained committed to its investment in Incwala Resources through which it has a 9% investment in debt-laden platinum miner, Lomin