Gold loses some luster after Trump’s decisive win
Gold’s slide is a marked turnaround for a commodity that had surged by more than 30% in the year leading up to the US vote.
JOHANNESBURG – A South African union has filed an appeal to overturn a mining deal in which Sibanye-Stillwater intends to acquire rival Lonmin , Sibanye said on Wednesday.
The Association of Mineworkers and Construction Union (AMCU), protesting to job cuts related to the deal, launched an appeal with the Competition Appeals Court. The union’s action comes almost a month after the Competition Tribunal gave the deal the thumbs up on condition that Sibanye does not cut jobs for a period of six months.
The all-share deal, valued at 285 million pounds ($361 million), is likely to lead to more than 10,000 layoffs, both companies have said.
Sibanye-Stillwater and Lonmin intend to request an urgent hearing from the Competition Appeals Court in relation to AMCU’s appeal, Sibanye said on Wednesday.
($1 = 14.1321 rand)
($1 = 0.7901 pounds)
(By Tiisetso Motsoeneng; Editing by Elaine Hardcastle)
