A Lonmin mine shaft in Brits, North West. The mining company, which has been battling high operating costs, is in the process of being acquired by Sibanye Stillwater.Sibanye-Stillwater and Lonmin cleared the final hurdle to forming the world’s second-largest platinum producer as their shareholders approved the South African firm’s R4.1-billion takeover of its London-listed rival.
Sibanye first proposed buying Lonmin in 2017, a deal touted as the only way to save the cash-strapped company’s 29,000 strong workforce as job cuts are politically sensitive as unemployment runs above 27%. Sibanye, which also has gold mines in South Africa, has been growing its platinum presence by buying Anglo American Platinum’s Rustenburg operations in 2015, Aquarius Platinum and then US palladium producer Stillwater.
Lonmin shares rose 7.7%, while Sibanye’s were up 8.4% on Tuesday after the majority of shareholders in both firms backed the revised all-share offer, which valued Lonmin at R111-million less than originally proposed.
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As long as kavoyr unions ratify the agreement not to retrench staff and declare a moratorium on down scaling. 👍👍
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