South Africa Public Investment Corporation Ups Stake in Lonmin

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.

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