Lonmin warns on cash woes, urges shareholders to back Sibanye takeover [Reuters]
LONMIN PLC AMERICAN DEPOSITARY RECEIPTS - SPONSORE (LNMIY)
NASDAQ:AMEX Investor Relations:
lonmin.com/reports/2017/online_annual_report_2017/governance/corporate_governance_report_04.html
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Source: Reuters
Lonmin warns on cash woes, urges shareholders to back Sibanye takeover | Reuters 2 Min Read (Reuters) - Platinum miner Lonmin does not have sufficient liquidity to fund the new projects needed to avoid shaft closures and job losses, it said on Monday as it urged shareholders to back its proposed takeover by Sibanye-Stillwater. The London-listed company, crippled by soaring costs and subdued platinum prices, has been cutting spending to conserve cash and retain a positive balance sheet required by conditions of South Africa-based Sibanye’s offer. However, progress on all fronts has been slow against the backdrop of strikes by South Africa’s Association of Mineworkers and Construction Union (AMCU) in a long-running pay dispute. AMCU, which has been on strike at Sibanye-Stillwater’s gold operations since mid-November, wanted to extend the strike to at least 11 other companies including Anglo American’s gold and platinum operations, Harmony Gold and Lonmin. However, South Africa’s labor c
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