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Sibanye-Stillwater, the world's leading producer of platinum group metals, on Tuesday announced that it would provide smelting capacity at its Marikana operations to offset a force majeure declared by Anglo American Platinum nearly two weeks ago.
President Cyril Ramaphosa may be running out of time to enact the reforms required to attract significant investments in the mining industry.
Mining Group Sibanye-Stillwater [ has completed the restructuring of its Marikana operations, in a process that saw 1 142 workers lose their jobs.
Some of the world’s biggest investment banks are leaving or scaling down their operations in SA.
In dollar terms, the JSE has been one of the worst performers in the world this year.
Implats has been in and out of the Top 40 index over recent years.
South Africa’s Association of Mineworkers and Construction Union is making “slow, steady” progress on wage talks, but the offer from the former Lonmin operations was provoking a strike, its president said.
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.
Sibanye posted a R603.5m profit for the six months ended in December 2019, representing a more than R750m comeback from the R170.7m loss reported in December 2018, while its EBITDA jumped 79% to R15bn.
The silvery-white metal primarily found in South Africa and Russia has almost doubled in the past year.
These include Sibanye, Angloplat, Gold Fields, Harmony, African Rainbow Minerals and Implats, which already jumped 290% in 2019.
The Public Investment Corporation has increased its shareholding in mining giant Sibanye-Stillwater from 9.3% to 10%.
Sibanye Stillwater - the world's biggest producer of platinum, the second-largest palladium producer and a major gold miner – plans to restructure its holding structure.
Mining stock Sibanye has a significantly higher target having broken out of a large, bullish chart pattern.
South Africa, which led global gold production for a century and extracted about half the bullion ever mined, is now Africa’s second-largest gold producer.
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.
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