Lonmin gets go ahead for issue

LONMIN shareholders voted through its $817m (£513m) rights issue yesterday, as they questioned the board on issues of governance.

The rights issue, announced last month, is designed to cut debt and shore up the balance sheet following the six-week strike at South African mine Marikana over the summer.

Lonmin had warned it would be left in a “highly vulnerable” position if the cash call was not voted through.

More than 90 per cent of investors backed the firm’s plans.