HomePrecious MetalsSibanye-Stillwater receives bank approval for Lonmin acquisition

Sibanye-Stillwater receives bank approval for Lonmin acquisition

Lonmin reports 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 the company.

The proposed transaction remains scheduled for closure during the second calendar half of 2018 and subject to, inter alia, the passing of the required resolutions by Lonmin and Sibanye-Stillwater shareholders and the approvals of the competition authorities of the United Kingdom and South Africa.

“We are pleased that Sibanye-Stillwater has the approval of the South African Reserve Bank for the Proposed Transaction,” says Lonmin CEO, Ben Magara.

“The company is working closely with Sibanye Stillwater towards completing the proposed transaction during the second half of the year as planned.

“We remain committed to its strategy of focusing on operational performance, controlling costs and preserving cash.”