PMG Mining News

Lonmin says no to takeover bid by Xstrata

Despite market rumours indicating otherwise, South Africa’s platinum producer Lonmin (LON:LMI) rejected Friday a reverse takeover bid by Xstrata (LON:XTA), its unhappy largest shareholder, as it announced a loss before tax of $698 million in the financial year ending in September.

Lonmin to make $800 million share offer at 45% discount to TERP

Inside sources claim platinum miner Lonmin (LON:LMI) will price an upcoming share offer at a 45% discount to the theoretical ex-rights price (TERP) on Friday, in the hope of raising a total of $800 million.

Chinese jewelers spread inland spurred by spike in consumer demand for gold

China's jewelry stores are expanding into smaller inland cities as demand for gold rises amongst the country's increasingly affluent consumer base.