Sibanye Gold Ltd (SGLJ.J)
19 Jan 2018
LONDON Plans to cut around 13,000 jobs are likely to be the biggest obstacle to miner Sibanye-Stillwater winning South African regulatory approval for its proposed takeover of troubled rival Lonmin , the CEO of Lonmin told Reuters.
LONDON/JOHANNESBURG South Africa's Sibanye-Stillwater agreed to buy troubled miner Lonmin for about 285 million pounds ($382 million) to create the world's No. 2 platinum producer in a bid to ride out depressed prices for the metal.
LONDON Lonmin's main labor union in South Africa said on Thursday it would consider mass action to oppose the takeover of the struggling platinum miner by Sibanye-Stillwater , which Sibanye has already said will lead to 12,600 job cuts.
* Lonmin underperforms peers: http://bit.ly/2zbL36M (Updates with union comment, closing Lonmin shares)
LONDON (Reuters Breakingviews) - A South African giant has come to Lonmin’s rescue. Gold miner Sibanye-Stillwater has offered to buy the troubled platinum specialist for shares worth 246 mln pounds. The offer is far from generous when compared with available cost savings. But Lonmin’s financial woes and inability to raise equity make a share of a larger group look attractive.
* Class action largest of its type in South Africa (Updates with settlement figure)
CAPE TOWN, Nov 22 Lawyers acting for thousands of miners who contracted fatal lung diseases silicosis and TB in mines said on Tuesday settlement talks with implicated gold companies for an out-of-court deal could be reached by December.
NEW YORK, Oct 30 A research scientist at Massachusetts Institute of Technology pleaded guilty on Monday to charges that he engaged in insider trading based on information he obtained from his wife, a corporate lawyer working on a deal involving a mining company
(Fixes typo in Sibanye Gold's name) The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Wednesday.
JOHANNESBURG, Aug 3 South Africa's Sibanye Gold will restructure operations in its domestic market, a move that could affect 7,400 of its employees, the gold and platinum miner said on Thursday.