Platinum miner Lonmin has secured a $15 million investment from the International Finance Corporation (IFC).

The World Bank's finance arm has announced that it is to buy $15 million-worth of Lonmin shares as part of a move designed to improve local communities near to Lonmin's operations.

It is hoped that the funding will deliver benefits to the local communities as part of Lonmin's commitment to improve its black economic empowerment (BEE) programme.

The platinum miner's Chief Executive, Brad Mills, sees the investment as part of the project to deliver a sustainable legacy for the communities supported by Lonmin's mining operations.

Under the terms of the deal, the IFC will be issued 245,020 shares at a discount of five per cent and the move comes following last month's agreement between Lonmin and the IFC to invest $150 million in the advancement of BEE programmes.

Sources:

'Lonmin shares snapped up by IFC' April 3rd

http://business.iafrica.com/news/743462.htm

'IFC invests $15m in new Lonmin shares' April 3rd

http://www.miningweekly.co.za/article.php?a_id=106786

'IFC invests US$15 million in new Lonmin shares' April 3rd

http://www.fin24.co.za/articles/displaysens.asp?articleid=356312&Ticker=LON

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