The delayed and dismal full-year numbers including a $1.05bn impairment, presented by platinum miner Lonmin stood in stark contrast to the positive message CE Ben Magara strove to project on Monday as Sibanye-Stillwater advanced its friendly takeover of the firm. While analysts concurred there was nothing in the numbers that would dissuade Sibanye, an aggressive gold and platinum miner with a penchant for deals, to drop its all-share bid, Lonmin finance director Barrie van der Merwe conceded that the company’s financial position was not ideal. Quizzed by Patrick Mann of Deutsche Bank during the results presentation about what the consequences might be for the Sibanye deal of Lonmin sliding into a net debt position and being unable to repay a $150m loan, Van der Merwe said: "We are comfortable with liquidity. We are aiming to keep this at least cash neutral … there are no hard consequences of being in net debt but one could understand that anyone buying a business would prefer it to ...
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