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Applications to reverse Sibanye’s takeover of Lonmin dismissed

13th September 2019

By: Creamer Media Reporter

     

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JSE- and NYSE-listed Sibanye-Stillwater said last week the Constitutional Court of South Africa (ConCourt) had dismissed the Greater Lonmin Community’s (GLC’s) applications to have Sibanye’s acquisition of Lonmin set aside.

“The ConCourt dismissed, without costs, the application for leave to appeal, as it bore no reasonable prospects of success, and dismissed the application for direct access, as the GLC had not made a case that was sufficiently in the interests of justice for it to be heard directly by the ConCourt,” the precious metals miner said.

It added that the ConCourt judgment meant the ruling by the Competition Appeal Court remained in force and that all legal proceedings had now been concluded.

“We are extremely pleased with the judgment made by the ConCourt today, which supports our view that the GLC’s claims had been properly dealt with before by the Competition Appeal Court and the Competition Tribunal and were frivolous.

“It is unfortunate that certain stakeholders seem unable to recognise the plight that faced the Lonmin operations and, instead of engaging with us, continue to pursue spurious and expensive legal alternatives,” CEO Neal Froneman commented.

Sibanye concluded the buyout of Lonmin in June.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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