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Lonmin: It's bad

Lianna BrindedOct 21, 2015, 12:14 IST

Copper is at a 6 year low.Sascha Schuermann/Getty Images

Lonmin, the London-listed platinum mining giant, just announced a devastating set of revelations about the company to investors.

It said in a regulatory statement that it has to take a number of drastic steps to "mitigate the effects" of the platinum-group metals (PGM) pricing environment.

This includes trying to raise $400 million (£259 million) from investors, paying off its debt, controlling costs, and cutting thousands of jobs.

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