Lonmin shareholders have approved Sibanye-Stillwater’s offer to purchase the entire issued share capital of Lonmin. Subsequently Sibanye-Stillwater shareholders also approved ordinary resolution regarding the Lonmin transaction.
“We are pleased to have received overwhelming support from both sets of shareholders for the Lonmin transaction. The rationale for this transaction remains compelling and we are convinced the integration of Lonmin’s PGM assets with Sibanye-Stillwater’s adjacent PGM operations, will ensure a more sustainable and positive future for all these assets,” says Neal Froneman, Sibanye-Stillwater CEO.
Completion of the Lonmin transaction remains subject to the satisfaction or (where applicable) waiver of the outstanding conditions set out in the Lonmin Scheme Document. Such conditions include, among others, the approval of the scheme by the court.
“The transaction, once successfully completed, will establish the Sibanye-Stillwater Group as the largest primary producer of platinum and second largest primary palladium producer with a unique geographical and platinum group metal mix,” Froneman adds.
The transaction is expected to be completed by early to mid-June.