Platinum miner Lonmin is set to receive a major boost to its finances with a $150 million investment in the company.

The World Bank's private lender, the International Financial Corp (IFC), has announced it is to provide the funding to Lonmin so as to enable the mining firm to expand and increase small business around the firm's South African mines.

Under the terms of the deal, the OFC will deliver a $100 million standby senior loan to Lonmin and is considering buying up to $50 million shares in the company.

"Our partnership with IFC will help to enhance Lonmin's continued commitment to the long-term sustainability of our local communities," announced Lonmin Chief Executive Brad Mills.

It is understood that Lonmin will be able to use the loan to fund the participation of black investors in the company, helping the world's third largest platinum producer to increase its black economic empowerment (BEE) position.

Ÿ Adfero Ltd