Cape Times

Lonmin deal has union’s blessings

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TRADE union Solidarity believes the proposed R5 billion SibanyeSti­llwater acquisitio­n of Lonmin, the world’s third-biggest platinum producer, was a recipe for contributi­ng to economic growth. Connie Prinsloo, Solidarity’s deputy general secretary, said yesterday that the union supported the deal. “This deal will make a positive contributi­on towards economic growth and stability in the sector in the longer term, which in turn would further sustainabi­lity,” Prinsloo said. As part of the deal, Lonmin shareholde­rs’ stake in the overall Sibanye-Stillwater group will be 11.3 percent, while Sibanye-Stillwater will hold the balance of 88.7 percent. The deal is expected to be completed by the second half of 2018. “We trust that new job opportunit­ies will be created under the leadership of Sibanye-Stillwater’s management to hopefully keep the retrenchme­nts Lonmin intended to implement over a period of three years in check, or will reduce the number of retrenchme­nts,” Prinsloo said. – Dineo Faku SPEAR

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