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Anglo’s sale of De Beers hindered by diamond market state
Anglo American has warned of more production cuts at De Beers due to reduced spending by Chinese consumers prolonging the market downturn.
JOHANNESBURG – South Africa’s Competition Tribunal on Wednesday approved Sibanye-Stillwater’s takeover of troubled platinum producer Lonmin but imposed a six-month moratorium on job cuts.
South Africa’s Sibanye has proposed to buy Lonmin for about 285 million pounds ($365 million) to create the world’s No. 2 platinum producer in a bid to ride out depressed prices for the metal.
(By Tanisha Heiberg; Editing by James Macharia)
