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JSE/NYSE Sibanye-Stillwater and JSE/LSE Lonmin have announced the CACSA has delivered its judgment on the appeal filed with the CACSA by the AMCU.
Lonmin generated unaudited operating profit of $70 million in the first six months of 2019, compared to an operating loss of $32 million in 2018.
Ben Magara and Joseph Mathunjwa reached an agreement on the eve of Workers’ Day that marked the imminent takeover of Lonmin Platinum by Sibanye Stillwater.
Lonmin has agreed to enter a US$200 million metal purchase agreement with Pangaea Investments Management over three years.
The South African Competition Commission has recommended that the South African Competition Tribunal approves the proposed acquisition of Lonmin by Sibanye-Stillwater, subject to certain conditions, which are agreeable to both Sibanye-Stillwater and the Commission.
Rock drillers at Lonmin now earn cash package of R15, 770 and R17, 950 including medical aid. In 2016, Lonmin signed a three-year wage deal with AMCU.
Trade union Solidarity is saddened by the retrenchment crisis Lonmin currently faces. However, the trade union is positive that if Sibanye-Stillwater succeeds in buying the company it could result in a favourable outcome for the platinum giant.
Lonmin notes the news that Sibanye-Stillwater has received the approval of the South African Reserve Bank, as required in accordance with the Exchange Control Regulations of South Africa, with respect to the proposed acquisition of Lonmin.
It is becoming more and more apparent that in order to meet the needs of South Africans and the environment we need an entirely different kind of economy. By Ben Magara, CEO of Lonmin Convening a...