The company blames the delay in Sibanye-Stillwater’s takeover bid, caused by Amcu, for a difficult six months
Lonmin reported a sharp fall in first-half production and softened its full-year guidance while warning of higher costs, saying the delays in concluding a takeover offer for the company by Sibanye-Stillwater was weighing heavily.
It said the “extent of production losses” in the first half of its financial year and the finalisation of the Sibanye all-share transaction, which the Lonmin board has recommended investors approve, meant PGM production would remain subdued. Lonmin’s headcount fell to 29,812 people by the end of March from 31,040 a year earlier and it is continuing a retrenchment process it started in March 2019.
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