Lonmin has moved to extend the cut-off point for its planned offer for platinum producer Southern Platinum.

The bid is worth around $190 million – or $2.66 in cash per common share – and was due to be confirmed or rejected by 17:00 (Toronto time) today.

However, in a statement issued today the platinum producer said it would extend the deadline for the "recommended offer" until 17:00 on June 10th.

The firm said a "Notice of Extension" is being sent to shareholders of Southern Platinum today.

"The parties anticipated that complete satisfaction of all of the conditions of the offer could take beyond May 20th, 2005. Accordingly, this extension is not unexpected.

"Lonmin and Southern Platinum anticipate that all of the conditions of the offer could be fully satisfied or waived as early as June 10th, 2005," the statement read.

Management and directors at Southern Platinum have agreed to support the offer and have all agreed that it is fair to holders of common shares and is in the company's best interests.

Under the acquisition, Lonmin would acquire Southern Platinum's Messina platinum mine in South Africa, where production is expected to rise to 75,000 ounces a year.