Image credit: Wikimedia
Mineral Resources Minister Mosebenzi Zwane has approved Lonmin’s application to acquire Anglo American Platinum’s 42.5% stake in Pandora, a JV between Lonmin and Amplats.

“Lonmin came and presented its case to us, and one of our primary considerations when assessing their application was how we were best going to prevent retrenchments at the mine,” says Minister Zwane.

The Pandora mine is a large open pit platinum mine located in the north-eastern part of South Africa in Rustenburg, North West Province.

The mine was due to be placed under care and maintenance, thus placing 3 000 jobs at risk.

“We are indeed pleased that we have been able to save 3 000 jobs, particularly in the current global economic climate,” continues Zwane.

“The granting of the consent is further subject to Lonmin presenting a plan to the department within five days, on how it will address its BBBEE compliance, as we cannot afford a situation where transformation is compromised,” adds Zwane.

The minister granted consent for the cession of the right, in terms of Section 11 of the Mineral and Petroleum Resources Development Act (MPRDA).

“We are a reasonable regulator, and apply our laws consistently to all right-holders,” comments Zwane.

“We continue to appeal to right-holders to make use of our open-door policy and engage with us frankly and openly on issues pertaining to this critical sector of our economy.

We will always put the interests of South Africa and its people first in all our deliberations,” concludes Zwane.

Feature image credit: Wikimedia