• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Precious Metals Market
    Precious Metals News
    Precious Metals Stocks
    • Precious Metals Market
    • Precious Metals News
    • Precious Metals Stocks
    platinum investing

    It’s Official: Sibanye Receives Final Approval to Purchase Lonmin

    Nicole Rashotte
    Nov. 21, 2018 02:50PM PST
    Precious Metals
    Platinum Investing

    The South African Competition Tribunal has officially approved the merger between Sibanye-Stillwater and Lonmin despite pleas from AMCU to stop the acquisition.

    To the dismay of the Association of Mineworkers and Construction Union (AMCU), Sibanye-Stillwater (NYSE:SBGL,JSE:SGL) has received approval by the South African Competition Tribunal to purchase platinum miner Lonmin (LSE:LMI), Sibanye announced on Wednesday (November 21).

    The approval comes with a set of conditions, as a six-month moratorium on retrenchments was imposed.

    “I am extremely pleased that the Competition Tribunal has approved the transaction, on terms which we believe are fair, reasonable and in the best interest of all stakeholders,” stated Neal Froneman, CEO of Sibanye.

    “We are confident that the integration of Lonmin’s PGM assets and Sibanye-Stillwater’s adjacent PGM operations, will ensure a more sustainable and positive future for these assets and bring greater stability to the region,” he added.

    The Competition Commission had previously examined the transaction and concluded that it would more than likely not raise significant less competition but did express concern about the potential impact of the transaction on employment.

    The commission believes that the merger could result in approximately 3,188 employees losing their jobs, and a further 10,156 individuals could find themselves unemployed due to operational reasons after the transaction.

    In addition to the commission’s concerns, the Association of Mineworkers and Construction Union (AMCU) recently went to the South African Competition Tribunal in an attempt to stop the merger from happening.

    AMCU stated job loss as its main concern.

    As of Monday (November 19), the AMCU issued the miner with a notice that it intends to embark on protected strike action at Sibanye-Stillwater’s South African gold operations, from the evening shift on Wednesday (November 21).

    Froneman commented on the strike, stating, “[i]t is disappointing that AMCU leadership has chosen this course of action, despite ongoing engagement with AMCU representatives, since June.”

    Adding, “[t]he agreement we reached with the other unions is fair and final and considers the current challenges facing our gold operations. We will honour this agreement and have made a commitment that we will not increase the offer.”

    At a press conference on Wednesday morning, the union threatened that it will go after the company’s platinum sector next.

    As of 3:20 p.m. EST, Sibanye was down 0.75 percent, trading at US$2.66.

    Don’t forget to follow us @INN_Resource for real-time news updates!

    Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article. 

    platinum investingsouth africatribunal
    The Conversation (0)

    Go Deeper

    AI Powered
    JSE:SGL

    Sibanye-Stillwater Sells Majority Stake in Marathon

    NYSE:SBGL

    Sibanye Secures US$500-million Gold-Palladium Streaming Deal

    Latest News

    Locksley Reports High-Grade Antimony Concentrate at Significantly Higher Grades than Comparable American Projects in Initial Metallurgical Test Work of Surface Samples from the Company's Desert Antimony Mine Project in California

    Golconda Gold Ltd. Releases Q3 2025 Production Update

    Kobo Resources Intersects 17.0 m at 3.87 g/t Au, Further Defining High-Grade Gold Mineralisation at its Kossou Gold Project

    Canada One Mining: Positioned for Significant Copper Discovery in  British Columbia

    Locksley Produces High Grade Antimony Concentrate

    More News

    Outlook Reports world

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Precious Metals Stocks

    GoldMoney Inc.

    XAU:CA

    Metallica Metals Corp Com

    MM:CNX

    Champion Bear Resources Ltd.

    CBA:CA

    Braveheart Resources Inc.

    BHT:CA

    Mineworx Technologies Ltd.

    MWX:CA

    St-Georges Eco-Mining Corp

    SX:CNX
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES