Sibanye-Stillwater last week said it could cut nearly 6,000 jobs at its gold mining operations, where AMCU has been on strike since mid-November over a wage dispute
Sibanye Mining News
“You don’t create value for your shareholders when it’s a fashion or a feeding frenzy" - Neal Froneman
The deal requires more than 50 percent approval in a vote by Sibanye investors, in addition to Lonmin’s shareholders’ approval.
Sibanye had net debt of 23.7 billion rand ($1.9 billion) at the end of December.
Rough year shuffles ranks of global gold mining giants as Freeport makes a comeback – 2018 forecasts point to another tumultuous year.
Illegal gold mining has plagued South Africa for decades and it costs the government and the industry more than 20 billion rand ($1.7 billion) a year.
South Africa holds the world's biggest reserves of platinum, chrome and manganese, but investment in the sector has dropped in each of the past two years as a result of increasing legal uncertainty and labour disputes.
The suspension follows a pending a judgement in an urgent interdict application by the country's Chamber of Mines.
US Foreign Investment Committee scrutinizing South African gold miner's $2.2 billion offer for the only US platinum, palladium producer.