To view the PDF file, sign up for a MySharenet subscription.

LONMIN PLC - COMPLETION OF SALE OF COAL ASSETS

Release Date: 23/05/2000 11:20
Code(s): LON
Wrap Text
PRESS RELEASE
23 MAY 2000
COMPLETION OF SALE OF COAL ASSETS

LONMIN PLC ANNOUNCED TODAY THAT FOLLOWING THE APPROVAL OF THE SOUTH AFRICAN COMPETITION COMMISSION OF 15 MAY 2000 IT HAS COMPLETED THE SALE OF ITS SHARES IN DUIKER MINING LTD AND TWEEFONTEIN UNITED COLLIERIES LTD TO GLENCORE. THE PROCEEDS OF $207.5M WERE RECEIVED TODAY.
THE PROCEEDS WILL BE USED TO RETIRE EXISTING DEBT AND FOR THE EXPANSION OF THE GROUP'S PLATINUM BUSINESS AND THE GROUP IS NOW IN A SUBSTANTIAL NET CASH POSITION.
THE SALE FORMS THE FINAL MAJOR PART OF THE IMPLEMENTATION OF LONMIN'S STRATEGY TO REFOCUS ITS ACTIVITIES INTO A MINING GROUP FOCUSED ON PRECIOUS METALS. PRESS ENQUIRIES:
ANTHONY CARDEW CARDEW & CO 020 7930 0777

Share This Story