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Lonmin gts go-ahead to acquire Pandora JV

06 October 2017 07:12

Lonmin has received from consent from its lending banks for the acquisition of the Pandora JV and a pre-emptive waiver of its consolidated tangible net worth covenants for the period from 30 Sep to 30 Mar 2018.

Lonmin announced on 7 Aug that it had received approval from the Department of Mineral Resources for both its S11 applications to acquire the interests of Anglo American Platinum and Northam Platinum in the Pandora JV.

This followed the Competition Tribunal approval received in May.

The completion of the transaction was also subject to the consent of Lonmin's lending banks.

Lonmin expects to complete the acquisition before the announcement of its full-year results in November.

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