Lonmin Profit Rebounds, Backs Sibanye Gold Offer

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Lonmin Profit Rebounds, Backs Sibanye Gold OfferWhile some analysts have questioned the value of Sibanye’s offer, Lonmin Chief Executive Officer Ben Magara continues to recommend it, saying the rebound in earnings isn’t sufficient to resolve the company’s long-term challenges. Operating profit was $70 million in the six months through March, after a loss of $32 million a year earlier, as platinum-group metal prices recovered. “Despite the progress made, this does not provide a long-term solution to the capital structure challenges faced by Lonmin, as it is still inadequate to invest in the new projects necessary to avoid shaft closures and job losses and maintain our production profile,” Magara said in a statement on Friday.

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