Speculation is mounting over the course of action the platinum mining firm Lonmin will take following the expected $380m windfall that would result from the takeover of Ashanti Goldfields.

The purchase of Ashanti, which is being targeted by AngloGold and Randgold Resources, would provide Lonmin, its major shareholder, with a huge financial boost.

However, many Lonmin shareholders fear, that the funds will be used to diversify the companies interests, steering it away from the purely platinum path it has trodden until now.

Other rumours have suggested Lonmin may become enmeshed with Norilsk Nickel, with a number of analysts anticipating a bid from the Russian giants after intense speculation last week.

The other option would be a special dividend payable to shareholders, an alternative that many are keen on.

Mr Gilbertson, former chief executive of BHP Billiton merger and now adviser to Lonmin, told the Financial Times he would caution against any radical diversification.

'It would be quite bizarre and a leap into the unknown for Lonmin shareholders, who have bought into a platinum miner,' he explained.

Mr Gilbertson also pointed out that any future strategy decisions would have to accommodate the stance of Impala Platinum, and particularly the role of black economic empowerment in South Africa: 'They are not issues that have to be resolved overnight, but one issue could help the other.'

However, he also noted that a union of Lonmin's major asset, Lonmin Platinum (Lonplats), and Impala, remained a slim possibility.

The proposed merger of their platinum operations in 1996 was blocked by the European Commission because of competition issues, but market conditions have now changed - whether or not this would sway regulators is unclear.