May 2009

Lonmin - Rights issue

Cardew is advising Lonmin on its rights issue to raise US$457m net. The funds will strengthen Lonmin’s capital position and its ability to withstand the current volatility in PGM prices and the rand/$ exchange rate. Lonmin is the 3rd largest producer of PGMs in the world.

Contacts: Anthony Cardew, Rupert Pittman and Jamie Milton