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Lonmin PLC (LMI)

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Tuesday 15 May, 2018

Lonmin PLC

SARB Approves Acquisition of Lonmin

RNS Number : 1119O
Lonmin PLC
15 May 2018
 

 

 

 

 

 

LEI: 213800FGJZ2WAC6Y2L94

 

 

 

 

 

 

15 May 2018

 

 

Sibanye-Stillwater Receives South African Reserve Bank Approval for Proposed Acquisition Of Lonmin

 

Lonmin Plc ("Lonmin") notes the news that Sibanye-Stillwater has received the approval of the South African Reserve Bank, as required in accordance with the Exchange Control Regulations of South Africa, with respect to the proposed acquisition of Lonmin, which was announced on 14 December 2017 (the "Proposed Transaction").

 

The Proposed Transaction remains on schedule for closure during the second calendar half of 2018 and remains subject to, inter alia, 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.

 

Ben Magara, CEO of Lonmin said "We are pleased that Sibanye-Stillwater has received the approval of the South African Reserve Bank for the Proposed transaction. Lonmin is working closely with Sibanye-Stillwater towards completing the transaction during the second half of the year as planned. Lonmin remains committed to its strategy of focusing on operational performance, controlling costs and preserving cash".

 

 

-Ends-

 

 

ENQUIRIES

 

Investors / Analysts:

Tanya Chikanza

(Executive Vice President: Corporate Strategy, Investor Relations and Corporate Communications)

+27 83 391 2859/+44 20 3908 1073

 

Andrew Mari (Investor Relations)                                                       +27 60 564 6419/+27 14 571 2070

 

Media:

Wendy Tlou (Head of Communications)

+27 83 358 0049

Anthony Cardew, TB Cardew

Tom Allison, TB Cardew

+44 207 930 0777

+44 7789 998 020

 

 

FORWARD LOOKING STATEMENTS

 

This announcement includes "forward-looking statements" within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "target", "will", "forecast", "expect", "potential", "intend", "estimate", "anticipate", "can" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements set out in this announcement involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Sibanye-Stillwater, that could cause Sibanye-Stillwater's actual results and outcomes to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this announcement. Sibanye-Stillwater undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events, save as required by applicable law.

 

 

Additional Information

 

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law. Persons who are not resident in the United Kingdom or who are subject to the laws of other jurisdictions should inform themselves of, and observe, any applicable requirements. Any failure to comply with applicable requirements may constitute a violation of the securities law of any such jurisdiction.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

Notes to editors

 

Lonmin, which is listed on both the London Stock Exchange and the Johannesburg Stock Exchange, is one of the world's largest primary producers of PGMs. These metals are essential for many industrial applications, especially catalytic converters for internal combustion engine emissions, as well as their widespread use in jewellery.

 

Lonmin's operations are situated in the Bushveld Igneous Complex in South Africa, where more than 70% of known global PGM resources are located.

 

The Company creates value through mining, refining and marketing PGMs and has a vertically integrated operational structure - from mine to market. Underpinning the operations is the Shared Services function which provides high quality levels of support and infrastructure across the operations.

 

For further information please visit our website: http://www.lonmin.com 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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