Marc Elliott, mining analyst at Investec, discusses the job cuts at Lonmin and other mining companies, as commodity prices, hit record lows.» Read More
SPOT PLATINUM TUMBLES 3.2 PCT TO LOWEST SINCE JULY 2009 AT $1,166.50/ OZ.
*To spin-off 23.9 pct Lonmin stake to Glencore shareholders. *Lonmin shares down 6 pct, Glencore shares little changed. CAPE TOWN, Feb 11- Miner and commodities trader Glencore will spin-off its stake in troubled platinum producer Lonmin and cut capital spending to help it cope with a plunge in commodity prices, it said on Wednesday.
LONDON, Feb 11- Miner and commodities trader Glencore plans to divest its stake in platinum producer Lonmin and to cut capital expenditure this year in response to market volatility, it said on Wednesday as it reported increased copper and coal output. Like its peers, Glencore has been hit by a rout in prices of commodities such as copper, coal and oil.
LONDON, Feb 11- Miner and commodities trader Glencore plans to divest its stake in platinum producer Lonmin and to cut capital expenditure this year in response to market volatility, it said on Wednesday as it reported increased copper and coal output. Like its peers, Glencore has been hit by a rout is prices of commodities such as copper, coal and oil.
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