Lonmin has defended itself from a potential bid from Xstrata by outlining its "outstanding" growth prospects.

It has confirmed its belief that it can offer shareholders a better deal than any takeover bid and claimed that Xstrata's offer of £33 per share did not take future growth into account.

Sir John Craven, chairman of Lonmin, said that the offer ignored the fact that it has ounces in the ground and the "long-term demand" for platinum in the future, Mining Weekly reports.

Meanwhile, Sir John has also revealed that he believes that current production levels were a "very small matter" compared to the value of assets that the mine will produce in the next 60 years.

But Lonmin has also said that it has a mine life of over 100 years, prompting further calls for the bid to be judged on its long-term prospects.

According to Lonmin, total mine life is in excess of 100 years and 156.3 million ounces of platinum group metals.

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Lonmin outlines growth prospects in bid to fend off Xstrata takeover, 13/08/08
http://www.miningweekly.com/article.php?a_id=140720

Bid target Lonmin has mine life of over 100 years, 13/08/08
http://uk.reuters.com/article/oilRpt/idUKLD35361120080813?sp=true

Lonmin’s chairman hits back at critics, 13/08/08
http://www.ft.com/cms/s/0/3ecec096-693f-11dd-91bd-0000779fd18c.html

Xstrata to raise funds in bid for Lonmin, 11/08/08
http://www.platinum.matthey.com/media_room/xstrata_to_raise_funds_in_bid_for_lonmin_18725511.html

Lonmin trying to resist Xstrata advances, 08/08/08
http://www.platinum.matthey.com/media_room/lonmin_trying_to_resist_xstrata_advances_18722777.html