S.African watchdog orders six-month hold on job cuts in Sibanye-Lonmin deal
Image courtesy of Lonmin mine
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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)
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