Today's Labour News

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Sibanye StillwaterFin24 reports that precious metals producer Sibanye-Stillwater, which is in the process of buying out Lonmin, has vowed to do things differently when it finally takes over the company, although it won’t take responsibility for the Marikana massacre.  

In 2017, Sibanye-Stillwater offered R5.17bn to buy Lonmin in an all-share offer for the financially stressed London-listed operation.  Sibanye-Stillwater CEO Neal Froneman said:  “Marikana was a real disaster, and I think it is extremely difficult for the existing owners to put it behind them and move on.  We can’t take on the liabilities of Marikana, we need to move forward.  It’s a bit like the legacy of apartheid, no one can condone what happened...  we've got to move on and make sure that it never happens again.  It’s like starting on a clean slate.”  In 2012, 34 striking workers were shot and killed by police during a lengthy strike over wages, in what was post-apartheid South Africa’s bloodiest labour action.  Froneman expects the Lonmin deal to be concluded before the end of the year, after consideration by local and international competition regulators.  

  • Read this report by Sibongile Khumalo in full at Fin24


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