Advertisement
UK markets closed

  • FTSE 100

    8,139.83
    +60.97 (+0.75%)
     

  • FTSE 250

    19,824.16
    +222.18 (+1.13%)
     

  • AIM

    755.28
    +2.16 (+0.29%)
     

  • GBP/EUR

    1.1679
    +0.0022 (+0.19%)
     

  • GBP/USD

    1.2494
    -0.0017 (-0.13%)
     

  • Bitcoin GBP

    50,812.34
    -271.73 (-0.53%)
     

  • CMC Crypto 200

    1,333.73
    -62.80 (-4.50%)
     

  • S&P 500

    5,099.96
    +51.54 (+1.02%)
     

  • DOW

    38,239.66
    +153.86 (+0.40%)
     

  • CRUDE OIL

    83.66
    +0.09 (+0.11%)
     

  • GOLD FUTURES

    2,349.60
    +7.10 (+0.30%)
     

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • HANG SENG

    17,651.15
    +366.61 (+2.12%)
     

  • DAX

    18,161.01
    +243.73 (+1.36%)
     

  • CAC 40

    8,088.24
    +71.59 (+0.89%)
     

Lonmin aims for $400 mln rights issue, proceeds with job cuts plan

Reuters - UK Focus

JOHANNESBURG, Oct (HKSE: 3366-OL.HK - news) 21 (Reuters) - Platinum producer Lonmin plans a $400 million rights issue and will proceed with a planned restructuring to cut 6,000 jobs in the face of depressed prices, it said on Wednesday.

Lonmin (LSE: LMI.L - news) also said in a statement that it had slashed its capital expenditure for the year to the end of Sept 30 to $136 million from an original target of $250 million.

The company had already said it might trim its workforce by up to 6,000, which will include voluntary severances and early retirements. It (Other OTC: ITGL - news) said the restructuring programme is now expected to be completed by the end of September 2016.

The embattled platinum producer, whose Marikana mine was the scene of the police slaying of 34 wildcat strikers three years ago, also said it planned to amend its debt facilities "for a total of $370 million, maturing in May 2020." (Reporting by Ed Stoddard; Editing by Tiisetso Motsoeneng)