The Lonmin update has for now put to bed talk of the company needing to raise more cash via another rights issue, but to a fair degree this has been achieved by slashing capex spending. Initially budgeted at around $210m, it is now sitting at $100m, pretty much as a result of the five-month strike. For a long time the platinum mines have been the darlings of the local mining industry, having surpassed gold mining, but the strike hurt a great deal and the industry is going to take some time to work out its future. We’re seeing Anglo American Platinum exiting a number of assets and Lonmin cutting capex. Only Implats of the big three is keeping quiet, but expect announcements from them sooner or later.