In the first transaction since announcing a major restructuring of its portfolio to raise capital, Lonmin sold its entire Northern Ireland exploration portfolio to Australia’s Walkabout Resources for $100,000. While the Northern Ireland exploration options have not featured in any presentations by Lonmin CE Ben Magara, the sale of the assets show intent from the company to streamline its focus and raise cash in a variety of methods, including sales, joint ventures and securing debt. It is highly unlikely that Lonmin will be able to conduct a fourth rights issue after the dismal uptake of the hugely diluted and dilutive $400m rights issue at the end of 2015. Walkabout describes itself as an energy minerals-focused company, with the Lindi Jumbo Graphite project in Tanzania its flagship asset. It also owns 60% of the 7-billion tonne Takatokwane coal deposit in Botswana and a lithium deposit in Namibia.
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