Precious metals miner Sibanye-Stillwater and platinum group metals miner Lonmin have agreed to extend the longstop date for the transaction in which Sibanye will acquire all of Lonmin’s issued share capital from February 28 to June 30.
This follows after the Association of Mineworkers and Construction Union (AMCU) on December 19 filed an appeal with the Competition Appeal Court of South Africa against the South African Competition Tribunal’s decision to approve the transaction.
The companies reaffirmed their commitment to the offer, pending finalisation of the appeal.
While the companies have argued that the combination of Sibanye and Lonmin, through the £285-million all-share deal, will create a larger and more resilient company, AMCU was contesting the potential 10 000-plus job losses at Lonmin.