LONMIN Plc - Completion
LONMIN Plc
(Incorporated in the United Kingdom)
Share code : LON
ISIN code : GB0031192486
(`Lonmin`)
Lonmin increases Lonplats stake and funds Incwala equity participation
Lonmin Plc (`Lonmin`) announces the completion of its acquisition of an
additional 9.1% of the shares in each of Western Platinum Limited and Eastern
Platinum Limited (together `Lonplats`) and the financing of equity participation
in Incwala Resources (Proprietary) Limited (`Incwala`). The shares in Lonplats
were acquired from Gazelle Platinum Limited (a wholly-owned subsidiary of Impala
Platinum Holdings Limited (`Implats`).
Sir John Craven, Chairman commented: `This is a breakthrough for Lonmin. The
Principals` Agreement, which previously gave Implats the right, upon a change of
control of Lonmin, to purchase additional equity in Lonplats which would have
given it control of Lonplats, has now been formally terminated. The termination
of the Principals` Agreement is expected to have an important and beneficial
impact on our competitive position and enhance shareholder value.`
Lonmin`s Chief Executive, Brad Mills, said: `We have taken an initiative which
will enable us to make a positive contribution to the reform of the South
African mining industry through the creation of Incwala which will provide us
with a strategic partnership with a well capitalised black economic empowerment
investment company. At the same time we have enhanced our prospects of
converting our existing mining and prospecting licences into new mining and
prospecting licences.`
For further details please contact:
John Robinson, Finance Director +44 (0)20 7201 6034
Anthony Cardew/Olivia Gallimore Cardew Chancery +44 (0)20 7930 0777
30 September 2004
Sponsor
Cazenove
Date: 30/09/2004 03:00:02 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
