Lonmin Mining News

Lonmin turns first profit in four years ahead of Sibanye takeover

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.

S.African watchdog orders six-month hold on job cuts in Sibanye-Lonmin deal

South Africa's Sibanye has proposed to buy Lonmin for about 285 million pounds ($365 million) to create the world's No. 2 platinum producer.

S. Africa competition tribunal OKs Sibanye acquisition of Lonmin

Deal would create the world’s No.2 platinum producer.

Lonmin workers ask South African tribunal to stop merger with Sibanye

If approved, merger would create the world’s No.2 platinum producer as Lonmin is the world’s third-largest while Sibanye-Stillwater is the fourth.

Lonmin in $200m loan deal with state-backed Chinese company

Under the deal, Lonmin will repay most of the loan by delivering platinum and palladium over a three year period to a subsidiary of Jiangxi Copper, China’s largest copper producer.

Sibanye -Stillwater, Lonmin still committed to merger after competition watchdog decision

Sibanye and Lonmin said in a joint statement they remained fully committed to the deal, which is expected to close by the end of the year.

South Africa imposes tough conditions on Sibanye-Lonmin deal

The transaction would create the world’s No.2 platinum producer as Lonmin is the world’s third-largest while Sibanye-Stillwater is the fourth.

South Africa's Sibanye launches $400m bond buyback

Sibanye said in a statement that it would fund the tender offer from existing cash resources.

Lonmin's largest shareholder backs takeover by Sibanye-Stillwater

Lonmin has been the biggest casualty in South Africa's platinum mining industry.

Top Sibanye holders are said to indicate support for Lonmin deal

The deal requires more than 50 percent approval in a vote by Sibanye investors, in addition to Lonmin’s shareholders’ approval.

Stellar rhodium price rally could be coming to an end

Price for scarce precious metal rhodium is up 270% in two years.

Lonmin tanks as UK competition watchdog looks into Sibanye takeover

By mid-morning, Lonmin shares had lost 5.6% of their value in London, while Sibanye’s were down 4.9% in Johannesburg, even though the companies announced they had received the approval of the South African Reserve Bank (SARB).

Lonmin cuts H1 loss and trims spending ahead of Sibanye merger

The proposed deal with Sibanye is conditional upon Lonmin retaining a positive cash balance by the time it is to close in the second half of the year.

South Africa's Sibanye-Stillwater to be No. 2 platinum miner with Lonmin buy

Sibanye said it would cut a third of Lonmin's employees and deliver savings of about $112 million a year by 2021.

About 2,500 jobs on the line at Impala Platinum’s Rustenburg operations

The miner warned further reductions could be in store at those operations, which employ 31,000 people.

Lonmin ups stake in Pandora platinum mine

Consolidation in South African's platinum mining sector continued on Friday with Lonmin's decision to buy Amplats' stake in the Pandora platinum mine.

Lonmin investors approve key $407m rights issue

The move will allow the platinum miner to restructure its debt and, it hopes, weather an ongoing decline of platinum prices.

Lonmin sees salvation, launches $407m rights issue at only 1 pence per share

The company has priced its $407 million share sale at a discount of 94% as it fights for survival after a near-collapse in the commodity's price.

Lonmin may shut down if shares sale flunks

The radical decision would make of the platinum producer the biggest casualty of the ongoing commodity rout that is hurting miners worldwide.

Lonmin warns of $2bn write-down, 6,000 job cuts

The world’s third-largest platinum producer is also planning layoffs, cutting capex and lowering unit costs.

South Africa replaces mining minister on eve of massive job cuts

Given that ousted minister Ramatlhodi is considered the main person that helped end a five-month strike in the country’s platinum sector last year, Zuma's decision is being questioned.

SA platinum cuts to hurt global output over next two years

Supply for the year, however, is expected to increase by 9% to 7.91 million ounces, owing to the recovery in the country’s output following strikes in 2014, as well as increased platinum recycling.

S. Africa campaigners jump all over Marikana killings report

They claim the official report on the police killing of 34 striking miners in 2012 is a "gross defamation" of those who died.

South African commission finds police to blame in Marikana deaths

The commission into the deaths at Lonmin's Marikana platinum mine in August 2012 concluded the plan to quell the massive protest was “defective,” and shouldn't have been executed as such.

Lonmin shares collapse as Glencore completes stake divestment

The move may create a group of sellers that want to dispose of their holding, or it could open the door to a buyer, according to analysts.