Mining Weekly reports that the Association of Mineworkers and Construction Union (Amcu) has moved to block the acquisition of struggling platinum miner Lonmin by gold and platinum producer Sibanye-Stillwater by appealing the transaction’s regulatory approval.
Amcu, which is the largest union at Lonmin, has filed an appeal with the Competition Appeal Court to overturn the Competition Tribunal’s 21 November decision clearing the all-share acquisition. Sibanye-Stillwater said on Wednesday that it remained committed to the Lonmin deal and that it would request an “urgent hearing” from the Competition Appeals Court. While the companies have argued that the combination of Sibanye-Stillwater and Lonmin through the £285-million all-share deal will create a larger and more resilient company, Amcu is contesting the potential 10,000-plus job losses at Lonmin. The Competition Tribunal last month imposed a six-month moratorium on job cuts.
- Read the original report on this story at Mining Weekly
- Read a joint Sibanye/Lonmin statement on this matter at Moneyweb
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