Today's Labour News

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Sibanye StillwaterMining Weekly reports that precious metals producer Sibanye-Stillwater Group (SSG) has made an all-share offer to acquire platinum group metals (PGMs) producer Lonmin.  The offer values Lonmin at about £285-million.  

The Lonmin board has unanimously recommend the offer to Lonmin shareholders.  Following completion of the acquisition, Lonmin shareholders will hold about 11.3% of the enlarged SSG, with SSG shareholders holding the balance of about 88.7%.   Despite having an enviable mine-to-market business with great mining assets, projects and process technology and a resilient workforce, Lonmin continued to be hamstrung by its capital structure and liquidity concerns, Lonmin CEO Ben Magara acknowledged.  He suggested that “the combination with Sibanye-Stillwater provides a stronger platform for Lonmin shareholders and other stakeholders to benefit from the long-term upside potential of an enlarged Sibanye-Stillwater Group with greater geographical and commodity diversification.  SSG’s Neal Froneman said the proposed combination with Lonmin positioned the enlarged SSG as “a leading mine-to-market producer” of PGMs in SA.

  • Read this report in full at Mining Weekly
  • Read too, Sibanye-Stillwater finally makes long-anticipated move on Lonmin, at BusinessLive

Get other news reports at the SA Labour News home page