Lonmin warns on liquidity and persistent challenges

Lonmin, which is being bought by Sibanye-Stillwater, said it does not have sufficient liquidity to fund the new projects needed to avoid shaft closures and job losses. The London-listed miner, crippled by soaring costs and subdued platinum prices, has been cutting spending to conserve cash and retain a positive cash balance, one of the conditions upon which South Africa-based Sibanye's takeover is contingent.