Miner Lonmin unveils $800 mn bond issue to bolster finances
Tuesday, 30 October 2012
LONDON: The mining group Lonmin unveiled on Tuesday a plan to raise 800 million dollars via a bond issue to bolster its finances following violent strikes that disrupted work at its Marikana mine in South Africa.
A statement quoted president Roger Phillimore as saying: "The tragic events at Marikana in August are indelibly etched in Lonmin's corporate memory and will shape thinking for years to come both at Lonmin and more broadly in South Africa."
Violence at the platinum mine left 46 people dead, including 34 who were killed by police gunfire on August 16.
Lonmin was now trying to get production ramped back up again and thus "needs solid financial foundations including the appropriate balance sheet structure and debt facilities."
Details of the bond issue would be provided at a later date, the mining group said.
In London, Lonmin shares showed a gain of 3.83 percent to 498.40 pence. (AFP)