|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||12.59 - 12.76|
|52-week range||12.59 - 12.76|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||225.00|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
South Africa's AMCU union said on Tuesday it has referred ongoing platinum wage negotiations with Anglo American Platinum and Sibanye-Stillwater to the Commission for Conciliation, Mediation and Arbitration. AMCU President Joseph Mathunjwa said at a briefing on Tuesday that the union, the majority union in the platinum sector, would not accept less than a 1,000 rand ($65.68) increase to monthly wages. Mathunjwa also criticised Sibanye-Stillwater's decision to cut more than 5,000 jobs last month, saying the AMCU would campaign for South Africa's Labour Relations Act to be amended to make it more difficult for companies to retrench workers.
South Africa's Association of Mineworkers and Construction Union (AMCU) is disappointed by a wage offer for workers at Lonmin, which was acquired by Sibanye-Stillwater this year. "We are utterly disappointed with the offer at Sibanye-Stillwater Lonmin," Joseph Mathunjwa told a news conference, describing the offer as a "slap in the face". Mathunjwa said that workers at Lonmin had been offered annual wage increases of 300 rand ($19.55) for the first year, 350 rand for the second year and 400 rand for the third year, lower than other miners in South Africa.
South Africa's Sibanye-Stillwater said on Wednesday its Chairman Sello Moloko would step down after the precious metal producer and Lonmin cleared the final hurdle to create the world's second-largest platinum producer. Sibanye, whose 226 million pound ($286 million) takeover of its London-listed rival was approved by shareholders on Tuesday, said Moloko was resigning to focus on his other business interests. Maphai has held various positions in academia, the public and private sectors including serving as chairman of BHP Billiton Ltd South Africa for five years, Sibanye said.
Earlier on Tuesday, Sibanye-Stillwater said 87% of its shareholders backed the all-share offer, which it revised last month to value the struggling Lonmin at 226 million pounds ($286 million), 60 million pounds less than originally proposed. Lonmin was hit hard by the drop in platinum prices and has had to cut spending and jobs in order to retain a positive balance sheet, a condition of Sibanye's proposed offer. Shares in London-listed Lonmin were up 5.2% at 1131 GMT, while Sibanye's were up 5.8%.
JOHANNESBURG/LONDON, May 28 (Reuters) - Sibanye-Stillwater and Lonmin cleared the final hurdle to forming the world's second-largest platinum producer as their shareholders approved the South African firm's 226 million pound ($286 million)takeover of its London-listed rival. Lonmin shares rose 7.7% by 1234 GMT, while Sibanye's were up 8.4% on Tuesday after the majority of shareholders in both firms backed the revised all-share offer, which valued Lonmin at 60 million pounds ($76 million) less than originally proposed. It first proposed buying Lonmin in 2017, a deal touted as the only way to save the cash-strapped company's 29,000 strong workforce in South Africa where job cuts are politically sensitive as unemployment runs at around 27%.
A large majority of Sibanye-Stillwater's shareholders on Tuesday approved a takeover bid for Lonmin that aims to create the world's second-largest platinum producer. In a statement, Sibanye said 87 percent ...
South Africa's Competition Appeal Court gave the green light on Friday to Sibanye-Stillwater's takeover of Lonmin that aims to create the world's second-largest platinum producer. Lonmin's biggest mining union, the Association of Mineworkers and Construction Union (AMCU), had filed an appeal trying to block the deal or have it re-examined to prevent job cuts after an earlier approval by the Competition Tribunal. "The appeal fails," Judge Dennis Davis said in his written judgement.
Higher prices for industrial precious metals palladium and platinum have boosted earnings at Sibanye-Stillwater, enabling the miner to repay debt and plan to resume dividends next year, its chief executive Neal Froneman said. Palladium, now around $1,300 an ounce, hit record highs above $1,600 in March, while platinum prices have recovered to around $850 an ounce after falling to 10-year lows below $800 last year.
Higher prices for a basket of Lonmin's metals and a weaker South African rand helped the London-listed miner to an annual pre-tax profit in 2018, its first since 2013, and an operating profit of $70 million in the first half of its financial year 2018-2019. This may allow Lonmin to deploy capital to develop new shafts where workers from old shafts could be moved, CEO Ben Magara told Reuters in an interview. Magara said Lonmin cut 2,400 jobs in 2018 against a target of 3,700.
South Africa's Competition Appeals Court will rule next week on a union request to block the mining deal in which Sibanye-Stillwater intends to acquire rival Lonmin, legal counsel said on Friday. The Association ...