• Miner has $553 million of facilities due in first half of 2016
  • Lonmin shares have plunged 80% this year in London trading

Lonmin Plc is working with Greenhill & Co. on refinancing or restructuring debt facilities due to expire next year, according to two people familiar with the matter.

The world’s third-biggest platinum producer by volume is reviewing its capital structure with the New York-based investment bank, said the people, who aren’t authorized to talk about it because the matter is private. The miner has $553 million of facilities coming due in the first half of next year.

James Clark, a spokesman for Lonmin at Cardew Group in London, confirmed that the miner was working with Greenhill. He declined to elaborate on what they are working on. Reorg Research reported earlier that Lonmin was working with Greenhill on debt refinancing or restructuring.

Lonmin has announced plans for as many as 6,000 job cuts and delays in capital spending to preserve cash because of losses caused by an almost 50 percent plunge in platinum prices since 2011. Shares of the South African miner, which had $282 million of net debt as of March 31, have tumbled 80 percent this year in London.

The company worked with Greenhill in 2012 on a capital increase that led to $300 million of debt relief from creditors. Its original lenders include BNP Paribas SA, Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase & Co., Lloyds Banking Group Plc, Royal Bank of Scotland Group Plc and Standard Chartered Plc, according to data compiled by Bloomberg.

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