Just when some thought Lonmin would be the first casualty of depressed platinum prices, the share lifted almost 15% to R12.86 after CEO Ben Magara reported “a pleasing operational performance all round . . . even at current low
PGM prices and a strong rand” in its third quarter, thanks in part to cost containment. Net cash improved, it has completed the purchase of its stake in the Pandora mine, and is rebuilding relations in Marikana — all of which leaves Lonmin in a stronger position to secure its vital loans.