LONDON (AP) -- British mining company Lonmin PLC ramped up its defense against a hostile 5 billion pound ($10 billion) takeover approach from Anglo-Swiss miner Xstrata PLC on Wednesday, telling shareholders that the offer does not recognize its potential for growth.In its third rejection statement in the week since Xstrata made its approach public, Lonmin said that its mines can continue to produce for more than 100 years and have 156.3 million ounces of reserves and resources of platinum group metals.
"Mining companies should be valued on their long-term fundamentals," said Lonmin Chairman John Craven. "This opportunistic proposal is an attempt to acquire Lonmin's assets cheaply and capitalize on the expected improvement in our mining and processing performance."
Craven added that Xstrata's offer for the world's No. 3 platinum producer came immediately after a decline in the platinum price.
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