Trade union positive about Lonmin’s Sibanye-Stillwater acquisition
JOHANNESBURG - Trade union Solidarity is positive about platinum producer Lonmin's R5-billion acquisition by Sibanye-Stillwater, announced on December 14.
Lonmin, one of the world’s largest platinum producers, has been under severe pressure this year owing to capital structuring and liquidity concerns. Low platinum prices and increasing challenges in the mining industry have given rise to increasing costs and low profit margins resulting in many retrenchments in the industry over the past 12 months.
After the acquisition, Lonmin shareholders’ holding in the overall Sibanye-Stillwater Group will be 11.3%, while Sibanye will hold the balance of 88.7%. The deal should be completed by the second half of 2018.
Solidarity mining industry deputy general secretary Connie Prinsloo said this deal would make a positive contribution towards economic growth and stability in the sector in the longer term, which in turn would further sustainability.
"We trust that new job opportunities would be created under [the] leadership of Sibanye-Stillwater’s management, which would hopefully keep the retrenchments Lonmin intended to implement over a period of three years in check or would reduce the number of retrenchments,” he added.
Prinsloo further noted that Solidarity supported initiatives that created job opportunities, achieve job security and promote sustainable economic growth or create the opportunity for such.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOMDeveloped to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
