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Platinum Today reported that Glencore Xstrata plc (LSE:GLEN) plans to sell its stake in Lonmin plc (LSE:LMI). The stake amounts to nearly 25 percent.
Platinum Today reported that Glencore Xstrata plc (LSE:GLEN) plans to sell its stake in Lonmin plc (LSE:LMI). The stake amounts to nearly 25 percent.
As quoted in the market news:
The group said the asset no longer fits with its strategy of operating in bulk commodities.
‘We’ve always said at some stage we’ll dispose of our stake in Lonmin,’ chief executive officer Ivan Glasenberg said. ‘We’ve just got to decide when is the right time.’
It came as the company began a second listing on the Johannesburg Stock Exchange, which is being seen as an important vote of confidence for South Africa’s mining sector.