Lonmin has signed a memorandum of understanding with Absa and International Finance Corporation (IFC) that will see black economic-empowerment (BEE) suppliers received R100 million funding.

The platinum producer and the banks would provide funding over a period of two years with one firm already benefiting from the funding.

In a statement to Mining Weekly, Lonmin said: "Under this agreement, Absa has committed, in conjunction with Lonmin and the IFC, to provide quick turnaround, assistance and financial accessibility to local suppliers.

"Developing local BEE suppliers is one of the key components of the joint Lonmin/IFC technical assistance programme that was launched in March 2007," it added.

The financing is expected to go to local BEE suppliers in the areas near to the firm's operations in the North West Province.

Lonmin is the world's third largest platinum producer behind Anglo Platinum and Impala Platinum.

Source:

Lonmin, IFC sign agreement with Absa to improve BEE suppliers' access to finance, 05/05/08
http://www.miningweekly.com/article.php?a_id=132535