South Africa Public Investment Corporation Ups Stake in Lonmin

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Reuters reported that South Africa’s Public Investment Corporation has increased its stake in platinum producer Lonmin Plc (LSE:LMI). The corporation now owns roughly 30 percent of Lonmin shares.

Reuters reported that South Africa’s Public Investment Corporation has increased its stake in platinum producer Lonmin Plc (LSE:LMI). The corporation now owns roughly 30 percent of Lonmin shares.
As quoted in the publication:

Bruised by strikes, rising costs, a weak platinum price and slowing demand, South Africa-focused Lonmin also said it planned to raise another $370 million in loans to refinance debt currently due in May 2016.
Lonmin said on Friday that its deeply discounted $400 million rights issue was undersubscribed, after its shareholders only bought 19.2 billion shares, or 71 percent, of its proposed 27 billion share issue.

Click here for the full press release.

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