|Bid||70.00 x 444900|
|Ask||95.20 x 140500|
|Day's Range||71.50 - 75.00|
|52 Week Range||36.00 - 85.60|
|Beta (3Y Monthly)||1.57|
|PE Ratio (TTM)||4.97|
|Earnings Date||May 13, 2019 - May 17, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.55|
It suggests a cooling of tensions between Sibanye and one of its biggest unions ahead of potentially fractious platinum wage negotiations later this year. AMCU has been on strike since Nov. 21 after refusing to join a wage agreement that Sibanye reached with other unions. In an apparent victory for Sibanye Chief Executive Officer Neal Froneman, the labor group has now signed the same three-year pact.
A four-month-old wage strike by members of the Association of Mineworkers and Construction Union has slashed output at the company’s South African gold mines. While Sibanye is challenging the legality of that strike, it’s also preparing for pay negotiations with AMCU at its platinum business.
South Africa's Sibanye-Stillwater will explore changing its primary listing in a bid to access more capital as it explores growth opportunities outside its home market, chief executive Neal Froneman said on Wednesday. The precious metals producer, which has both gold and platinum mines in South Africa and platinum group metals (PGM) operations in the United States, said it was looking into opportunities in gold and the battery metals sectors. "In the future we will probably have to look at our primary listing from the point of view of accessing capital more efficiently and we don't know where that will be," said Froneman on the sidelines of an industry breakfast without providing detail on the listing.
The London-listed company, crippled by soaring costs and subdued platinum prices, has been cutting spending to conserve cash and retain a positive balance sheet required by conditions of South Africa-based Sibanye's offer. AMCU, which has been on strike at Sibanye-Stillwater's gold operations since mid-November, wanted to extend the strike to at least 11 other companies including Anglo American's gold and platinum operations, Harmony Gold and Lonmin.
Platinum miner Lonmin will face protesters at its annual general meeting in London today as its long-drawn out takeover by South African peer Sibanye-Stillwater rumbles on.
Moody's Investors Service ("Moody's") has today downgraded Sibanye Gold Limited's (Sibanye-Stillwater) corporate family rating (CFR) to Ba3 from Ba2 and probability of default rating (PDR) to Ba3-PD from Ba2-PD. Concurrently, the ratings on the senior unsecured notes due in 2022 and 2025 issued by Stillwater Mining Company and guaranteed by Sibanye-Stillwater have been downgraded to Ba3 from Ba2. Today's rating action reflects Moody's view of increasing downside risks for Sibanye-Stillwater's credit profile as a result of challenging operating conditions in South Africa and increasing refinancing risks for the company as its ZAR6 billion revolving credit facility (RCF) matures in November 2019.
Lonmin also said on Thursday it expects Sibanye's deal to close early next year, but cautioned that some uncertainty still exists over its completion, which is subject to certain conditions. Lonmin shares rose as much as 9.3 percent to 47 pence after its results for the year ended September showed an operating profit of $101 million, compared with a more than $1 billion loss a year earlier. The London-listed miner, crippled by soaring costs and subdued platinum prices, has been cutting spending to conserve cash and retain a positive cash balance, one of the conditions upon which South Africa-based Sibanye's takeover is contingent.
Struggling miner Lonmin shored up its finances with a $200 million (£153.1 million) boost from China on Monday as it awaits a rescue takeover by South African rival Sibanye-Stillwater.
Strapped for cash, Lonmin had unveiled plans to cut 12,600 jobs and have a further 890 merger-related layoffs when Sibanye agreed to buy out the company in December. Lonmin said it remains committed to the proposed deal with the South African competition tribunal's hearing set for Nov. 12 to Nov. 14. The funding agreement Lonmin has entered with an associate of Jiangxi Copper Company Limited is secured over Lonmin's assets and removes some restrictions present in the company's current debt facilities related to completion of the Sibanye deal.
South Africa’s antitrust regulator recommended Sibanye Gold Ltd.’s acquisition of Lonmin Plc be approved, clearing a key hurdle for the deal that throws a lifeline to the struggling platinum producer. It may be approved if Sibanye tries to save about 3,700 jobs of the more than 13,000 it plans to cut over the next two years, the Competition Commission said on Monday. Sibanye’s acquisition of Lonmin is the latest in a series of deals by Chief Executive Officer Neal Froneman, who has transformed the gold miner by expanding into platinum-group metals and last year bought a U.S. palladium miner for $2.2 billion.
South Africa's Public Investment Corporation (PIC) said it will support a takeover of platinum producer Lonmin (LMI.L) (LONJ.J) by precious metals producer Sibanye-Stillwater (SGLJ.J). State-owned PIC is the largest shareholder in struggling Lonmin, holding 29.2 percent and is Sibanye's second largest shareholder, with an 11.2 percent stake. Lonmin has been the biggest casualty in South Africa's platinum mining industry which is under pressure from rising costs and muted prices.
Three of Sibanye Gold Ltd.’s largest investors, controlling more than a third of its shares, have indicated they will vote in favor of its planned takeover of Lonmin Plc, according to people familiar with the matter. Gold One Group, Sibanye’s largest investor with about 19 percent, and South Africa’s Public Investment Corp. both told the companies they will support the all-share deal, said the people, who asked not to be identified because the information is private. Exor Investments UK LLP, which owns shares in both companies, has also indicated it will back the transaction, they said.
Miner Impala Platinum will slash about a third of its workforce over two years in one of the biggest rounds of job cuts by one mining company in living memory in South Africa as the platinum industry faces a day of reckoning. The number of platinum miners employed in South Africa, the world's largest producer of the precious metal, has fallen from a peak of almost 200,000 in 2008 to 175,000 in the face of depressed prices and soaring costs, fuelling labour and social unrest. Job cuts are politically sensitive in the country and Mines Minister Gwede Mantashe, a gruff former trade unionist, called Implats' announcement on Thursday "a clear example of a company that is careless...Their reckless actions add injury to insult".