With its proposed "merger of equals" with Anglo American showing signs of fizzling out, the Switzerland-based mining giant Xstrata intends launching a fresh bid for the world's third-ranking platinum producer, the South Africa-based Lonmin, which was earlier called Lonrho.

After Xstrata's previous hostile acquisition bid of £5 billion for Lonmin last October - a bid that Xstrata had to forfeit due to the recession-hit crashed markets and shrunken sources of funding -, Xstrata now plans to offer over £3 billion for the proposed takeover.