THE BAD

Finweek English Edition - - THE WEEK -

An­a­lysts say the sur­prise res­ig­na­tion of Ben Moolman, the well-re­garded chief op­er­at­ing of­fi­cer of strug­gling plat­inum miner Lon­min, is a sign of trouble at the com­pany, which has seen its share price de­cline by more than 50% over the past 12 months, Busi­ness Day re­ported. Its shares fell by 98% ahead of a di­lu­tive rights is­sue in 2015, in which it raised $373m to try and prop up its bal­ance sheet. An in­dus­try source told the news­pa­per at least another 10 000 jobs needed to be cut at Lon­min for the com­pany to sur­vive. It cut 6 000 jobs in its most re­cent re­struc­tur­ing ex­er­cise.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.