For Lonmin shareholders it is another year of a deeply disappointing performance, with echoes of its annus horribilis in 2015 when its stock fell to record lows. The uncertainty in Lonmin remains as it grazed against its debt covenants this year and embarked on an asset disposal and quest to bring in partners or funders for various projects, leading to an indefinite delay in its annual results. The 52% fall in the value of Lonmin’s shares on the Johannesburg bourse in the year to date eclipses other major platinum miners, with Impala Platinum (Implats) posting a retreat of 28% and Royal Bafokeng Platinum shedding 23%. There is speculation in the market that Lonmin could again call on shareholders to prop it up, but the likelihood of this is small. In 2015, Lonmin’s shares collapsed to record lows to match the heavily discounted rights issue to raise $400m. With a market capitalisation of just R3.2bn despite being the world’s third-largest platinum producer with coveted base and prec...

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