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Lonmin is rebuilding its cash position to ensure that shareholders in takeover company Sibanye-Stillwater do not oppose the critical deal to save mines and jobs in the world’s third-largest platinum miner. Sibanye CEO Neal Froneman has warned on a number of occasions that shareholders in the gold and platinum miner may baulk at the deal if Lonmin is laden with debt and has not done enough to restore financial health to its operations. Lonmin gave its own and Sibanye’s investors a glimpse of its cash position and its operational performance nine months into its 2018 financial year as it embarks on a process to cut 12,600 jobs, and also to close old, unprofitable shafts and prepare itself for a new owner. Lonmin ran into dire financial difficulties in recent years as the platinum price remained stagnant against strong increases in costs and labour unrest. Matters came to a head in 2018 when Lonmin was about to breach its debt covenants, triggering the repayment of a $150m loan that wo...

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