Lonmin (LMI) - Covenant checks relaxed
Lonmin’s May 2017 interim results need a re-read as they have Tangible Net Worth covenants which are apparently mainly impacted by end-period South African Rand to US dollar exchange rates and Platinum Group Metals prices. One would have thought they would have had more relation to profitability and how the movements in that and the currency impacted shareholders funds.Lonmin is engaged in exploring, mining, refining and marketing platinum group metals (PGMs). Platinum is Co.'s principal product. Co.'s mining operations are located on the western limb of the Bushveld Igneous Complex in South Africa. Co. has one operational segment: PGM Operations, which comprises the activities involved in the mining and processing of PGMs, together with associated base metals, which are carried out entirely in South Africa. This segment also includes exploration and evaluation activities involved in the discovery or identification of new PGM deposits and the evaluation through pre-feasibility of the economic viability of newly discovered PGM deposits.
Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.
The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.