Lonmin undertakes refinancing, delivers on results promise

Platinum miner Lonmin has entered into a $200-million metal purchase agreement with Pangaea Investments Management (PIM), an associate company of Jiangxi Copper Company (JCC), which will provide the miner with improved liquidity and remove certain restrictive current lender conditions. Of the $200-million, Lonmin will settle its pre-existing term loan of $150-million and cancel all its other pre-existing undrawn facilities with both its South African rand and dollar groups.