Lonmin Equity talks ‘have not broken down’

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Lonmin denied on Friday that equity negotiations with the Bapo ba Mogale royal family had broken down. The third-biggest platinum producer said neither party had taken a final decision on the deal, which would result in the Bapo ba Mogale community swopping its annual mining royalties for an equity stake in Lonmin, giving it a bigger slice of operations in Marikana. “With reference to an article which appeared in the Business Day today [Friday], no decision has yet been made by Lonmin nor the Bapo ba Mogale community regarding this transaction,” the company said. “Negotiations are ongoing and we are hopeful that the community will indeed take up this opportunity.” Lonmin said an equity swap would enable it to achieve its target of 26 percent black economic empowerment ownership by year end. Lonmin shares rose 35c to R54.10 on Friday. – Sapa

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