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Lonmin buys remaining Pandora stake

Platinum mining company Lonmin has bought the remaining 7.5% stake in Pandora from Northam. The London- and Johannesburg-listed company said on Monday that it was buying the stake from Northam’s Mvelaphanda Resources for R45.5-million cash and refund the value of any cash calls paid by Mvelaphanda to the Pandora JV during the period from January 1 and completion of the deal, which are expected to total between R6-million and R8-million.