CAPITAL MARKETS

Lonmin announces rights issue, debt restructuring

Lonmin has said it will try to raise about US$400 million in a rights issue, about 50% more than its current market cap, as it announced a preliminary deal with its banks to restructure debt.

Lonmin CEO Ben Magara

Lonmin CEO Ben Magara

The platinum group metals miner said it was taking the action to mitigate the effects of low prices. Lonmin and its rivals in the South African PGM industry have struggled with low prices and labour unrest...

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