S.African watchdog orders six-month hold on job cuts in Sibanye-Lonmin deal

Image courtesy of Lonmin mine

JOHANNESBURG – South Africa’s Competition Tribunal on Wednesday approved Sibanye-Stillwater’s takeover of troubled platinum producer Lonmin but imposed a six-month moratorium on job cuts.

South Africa’s Sibanye has proposed to buy Lonmin for about 285 million pounds ($365 million) to create the world’s No. 2 platinum producer in a bid to ride out depressed prices for the metal.

(By Tanisha Heiberg; Editing by James Macharia)