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Bloomberg reports that the Association of Mineworkers and Construction Union (Amcu) has asked the Competition Tribunal to stop Sibanye Gold’s purchase of platinum miner Lonmin should the new company intend to press ahead with more than 10,000 job cuts.
Amcu is the biggest union at Lonmin, which has proposed 12,459 job cuts. Lonmin has already cut about 2,000 jobs to help weather a rout in platinum prices. The proposal was an “inflated” target, Amcu told the tribunal, which is hearing public comments on the deal. The magnitude of the planned cuts “warrant that the transaction be prohibited,” Amcu argued in its submissions to the tribunal. The union also said that the outlook for platinum-group metals had improved and a weaker rand meant Lonmin could operate profitably. The Competition Commission previously approved the acquisition on condition that Sibanye tried to save about 3,700 jobs if prices improved and the company could maintain production costs at some shafts. The tribunal is expected to give its final ruling on the matter once public submissions have been concluded.
- Read the full original of this report at Mining Weekly
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