Sibanye-Stillwater has received the approval of the South African Reserve Bank, as required in accordance with the Exchange Control Regulations of South Africa of the proposed acquisition of Lonmin Plc, which was announced on December 14, 2017. The transaction is expected to close during the second half of 2018 and is subject to the passing of the required resolutions by Lonmin and Sibanye-Stillwater shareholders and the approvals of the competition authorities of the United Kingdom and South Africa. The all-share takeover valued Lonmin at about $382 million.
“We are pleased to have received this important regulatory approval in a timely manner, which takes us another step closer to concluding this important transaction,” said Neal Froneman, CEO of Sibanye-Stillwater. “Management remains focused on ensuring that the remaining conditions are met and will notify stakeholders as further progress is made.”
Sibanye-Stillwater is an independent, global precious metal mining group, producing a unique mix of metals that includes gold and the platinum group metals (PGMs). Lonmin is a primary producer of PGMs.