Instead of focusing on rebuilding the country after years of state capture, we were distracted by a sideshow, writes Mandy Wiener.
Mostly sunny. Mild.
Lizzy Monene was speaking at a rally convened by Cosatu and its affiliate, the National Union of Mineworkers (NUM), at the small mining area in the Marikana West community hall on Sunday.
Sibanye Stillwater said approximately 5 270 jobs were expected to be lost due to the restructuring.
South Africa marks seven years since the tragic mass shooting of 34 miners at Marikana, Rustenburg during a strike. Ten other people were also killed before that fateful day.
With the acquisition of Lonmin, Chief Executive Officer Neal Froneman has completed Sibanye’s transformation to a giant of SA's key platinum sector.
Lonmin plans to cut 4 100 workers at mines that have run out of profitable ore and are being closed.
The Public Investment Corporation, whose 30% stake in Lonmin is enough to block the miner’s planned takeover by Sibanye Gold, is concerned that the value of the all-share deal has been eroded, according to a person familiar with the matter.
The JSE closed weaker on Thursday on the back of broad-based weakness across most global equity indices.
The upcoming wage talks will pit Sibanye Chief Executive Officer Neal Froneman against AMCU President Joseph Mathunjwa, who oversaw the longest ever strike in South Africa’s platinum industry in 2014.
Sibanye-Stillwater is set to conduct a non pre-emptive cash placing of new ordinary shares, the miner announced on Tuesday evening.
Lonmin says the Labour Court has ruled that the planned secondary strike by workers affiliated to AMCU will be unprotected.
AMCU president Joseph Mathunjwa said the union opposed the Sibanye-Lonmin merger with no support from government, adding that the government could not claim to be dismayed by job cuts that it failed to prevent.
Marikana Commission of Inquiry chairperson Judge Ian Farlam is of the view that the commission cannot be blamed for the lack of prosecutions following the shootings seven years ago, which saw 34 people killed by police.
The Marikana massacre, in which 34 striking mineworkers were shot dead by police, was in part sparked by Lonmin's failure to build the 5 500 houses it promised workers, says Ralph Hamann.
The state-owned asset manager faces a tough choice: back Sibanye Gold’s takeover of Lonmin, and take a hit on its investment, or scupper the deal and risk having to pony up more cash for the platinum miner.
Judge Dennis Davis on Friday dismissed an appeal by the Association of Mineworkers and Construction Union (AMCU) who wanted an aproval by the Competition Tribunal for a merger between mining companies Sibanye-Stillwater and Lonmin set aside.
While some analysts have questioned the value of Sibanye’s offer, Lonmin Chief Executive Officer Ben Magara continues to recommend it, saying the rebound in earnings isn’t sufficient to resolve the company’s long-term challenges.
The Labour Department has said it intends to deregister one of the country’s biggest mining unions, just weeks before crucial platinum-industry wage talks are expected to begin.
Sibanye-Stillwater announced that it raised approximately R1.7bn through the placing of more than 108 million shares on Tuesday.
The Competition Appeal Court has heard that a merger between two mining companies would lead to substantial job losses, affecting the surrounding community.
Fifteen mining companies have received notices of secondary strike action from trade union AMCU, the Minerals Council said in a statement on Friday, adding the companies would do 'everything in their power' to avert the sympathy strikes.
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