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Lonmin unveils $770M debt restructuring plan

Oct. 21, 2015 8:33 AM ETLonmin Plc (LNMIF) StockLNMIFBy: Carl Surran, SA News Editor
  • Platinum miner Lonmin (OTC:LNMIF) announces plans to raise $400M in a share sale, its second in three years, and agrees to new debt facilities totaling $370M.
  • Lonmin has $543M in existing debt facilities which mature in May and June next year, and the amended debt facilities, which will mature in 2020, will be conditional on the company raising the $400M.
  • Lonmin confirms its July estimate that 6K jobs will be cut as part of its restructuring, including the closing of two mine shafts and mothballing three others, which is expected to be completed by September 2016 at a cost of 800M rand.
  • Platinum miners have been hit hard by low prices and rising costs. and are still recovering from last year's five-month strike in South Africa.
  • Lonmin +8% in London trading.

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