Sibanye Gold Ltd (SGLJ.J)
19 Jan 2018
LONDON Platinum miner Lonmin has received a further waiver on its debt agreements from its lenders, preventing a default, the South Africa-focused company said on Thursday.
LONDON Plans to cut around 13,000 jobs are likely to be the biggest obstacle to miner Sibanye-Stillwater winning South African regulatory approval for its proposed takeover of troubled rival Lonmin , the CEO of Lonmin told Reuters.
LONDON/JOHANNESBURG South Africa's Sibanye-Stillwater agreed to buy troubled miner Lonmin for about 285 million pounds ($382 million) to create the world's No. 2 platinum producer in a bid to ride out depressed prices for the metal.
LONDON Lonmin's main labor union in South Africa said on Thursday it would consider mass action to oppose the takeover of the struggling platinum miner by Sibanye-Stillwater , which Sibanye has already said will lead to 12,600 job cuts.
* Lonmin underperforms peers: http://bit.ly/2zbL36M (Updates with union comment, closing Lonmin shares)
LONDON (Reuters Breakingviews) - A South African giant has come to Lonmin’s rescue. Gold miner Sibanye-Stillwater has offered to buy the troubled platinum specialist for shares worth 246 mln pounds. The offer is far from generous when compared with available cost savings. But Lonmin’s financial woes and inability to raise equity make a share of a larger group look attractive.
JOHANNESBURG South Africa-focused miner Lonmin has sufficient liquidity until precious metal group Sibanye-Stillwater concludes a $382 million (£284.2 million) takeover, the London-listed firm's Chief Executive Officer Ben Magara said on Thursday.
* Class action largest of its type in South Africa (Updates with settlement figure)
CAPE TOWN, Nov 22 Lawyers acting for thousands of miners who contracted fatal lung diseases silicosis and TB in mines said on Tuesday settlement talks with implicated gold companies for an out-of-court deal could be reached by December.
MOOINOOI, South Africa The threat of a strike in South Africa put renewed pressure on Lonmin on Monday as Chief Executive Ben Magara sought to reassure investors that the platinum miner's underlying business was robust.