Lonmin sells AngloGold Ashanti stake

Johannesburg - Lonmin had sold its 2.6 percent stake in AngloGold Ashanti for $204.7 million (R1.32 billion) to cut its debt, the world's third-biggest platinum producer said on Friday.

The 6.94 million shares were sold for R193.94 each. London-based Lonmin, which sold 3.5 million AngloGold shares to Anglo American for $113.8 million on June 4, received the AngloGold stake as payment for its 28 percent interest in Ghana's Ashanti Goldfields.

Shares in AngloGold, the world's second-biggest gold producer, are trading near their lowest in 14 months. "The disposal is in line with Lonmin's stated intention to realise the value of its stake in AngloGold Ashanti," Lonmin said. "The proceeds will be used to reduce Lonmin's borrowings in the short term." Shares in AngloGold rose R7.59 to R203.85 in Johannesburg. Lonmin shares rose 22p to ?9.91 (R117.44) in London