Consolidation in South African's platinum mining sector continued on Friday with Lonmin's decision to buy Amplats' stake in the Pandora platinum mine.
Lonmin Mining News
The move will allow the platinum miner to restructure its debt and, it hopes, weather an ongoing decline of platinum prices.
The company has priced its $407 million share sale at a discount of 94% as it fights for survival after a near-collapse in the commodity's price.
The radical decision would make of the platinum producer the biggest casualty of the ongoing commodity rout that is hurting miners worldwide.
The world’s third-largest platinum producer is also planning layoffs, cutting capex and lowering unit costs.
Given that ousted minister Ramatlhodi is considered the main person that helped end a five-month strike in the country’s platinum sector last year, Zuma's decision is being questioned.
Supply for the year, however, is expected to increase by 9% to 7.91 million ounces, owing to the recovery in the country’s output following strikes in 2014, as well as increased platinum recycling.
They claim the official report on the police killing of 34 striking miners in 2012 is a "gross defamation" of those who died.
The commission into the deaths at Lonmin's Marikana platinum mine in August 2012 concluded the plan to quell the massive protest was “defective,” and shouldn't have been executed as such.
The move may create a group of sellers that want to dispose of their holding, or it could open the door to a buyer, according to analysts.
President Jacob Zuma received on Tuesday the official report into the police killing of 34 South African miners in 2012, as rights groups demanded that its findings be quickly made public.
The operations that may be added to the list of assets for sale are Dawson and Foxleigh, in Queensland.
Anglo's chief warned the company plans to take severe measures over the next two years.
A big corporate break-up à la BHP Billiton is definitively not in his books, he told FT.com.
Output from the rest of Anglo's diversified mining assets rose, but it wasn't enough to offset underperformance at its platinum mines.
The firm warned first-half profit may drop as much as 96%.
The National Union of Metalworkers in South Africa (NUMSA) has rejected the latest offer because it didn't include a double-digit wage increase for all three years.
Turkish gold miner Koza Altın has established a wholly owned subsidiary in Britain to undertake mining activities abroad.
The firm is offloading some of its historic South African platinum mines as part of a $4bn sale of under-performing assets.
The three-year agreement ends the country's longest and costliest strike.
The union leading the five-month strike in the platinum sector take any industrial action affecting gold producers.
Deutsche Bank has put a $1.4 billion price tag on the operations.
The latest attempt to end South Africa’s 21-week platinum strike has failed, pushing the country towards a recession and increasing the odds the sector will be smaller and more mechanized when it eventually resumes operations.
Susan Shabangu, highly criticized for her handling of a strike in the platinum sector, was booted out from a cabinet that now includes South Africa's first black minister and a first openly gay official.
A team of scientists is working on a process to replace platinum-group metals (PGMs) with more widely available elements.