Platinum miner Lonmin has announced that it is to launch a bid to take over the remainder of platinum firm Messina.

Lonmin already owns a 91.5 per cent stake in Messina, as a result of its takeover of Canadian firm Southern Platinum earlier this year.

That $190 million deal gave Lonmin access to Messina, and it is now keen to take over the outstanding share in the company.

Lonmin has announced that it is offering R33 per share, which it claims represents a valuation of Messina's outstanding shares at R56.3 million, and is an 84 per cent premium of the market value of Messina before Lonmin launched its bid for Southern Platinum.

The announcement comes as Lonmin, the world's third largest platinum producer, faces a dispute with South African mining group Solidarity Union, over the company's plans to lay off over 300 workers.

News of the multi-million rand offer for Messina could well fan the flames of the dispute.


Ÿ Adfero Ltd