Tag: Ben Magara
Sibanye Stillwater has increased its offer to purchase Lonmin by 3.4 per cent to 77.4 pence per Lonmin share. Both boards agree that this reflects the recent recovery in the PGM pricing balanced against the fact that Lonmin continues to be financially constrained and unable to fund the significant investment required to sustain its business and associated employment. Lonmin CEO, Ben Magara joins CNBC Africa for more.
Lonmin showcased improved financial performance for the year ended 30 September 2018. Production from their Generation 2 shafts increased by 1.6 per cent to 7.6 million tonnes. The global platinum production leader closed the year with an improved net cash position of $114 million. Joining CNBC Africa for more is Lonmin Chief Executive Officer, Ben Magara.
In the aftermath of the commemoration of the infamous Marikana mining massacre that claimed 44 lives in August 2012 – there is dispute between management and unions over what should be done for the victims. One of the great complaints is that very little has been done so far – now there is argument over the next step. CNBC Africa's Lubabalo Mashiqana filed this report.
With warnings that under the current price and cost forecasts, conventional (platinum) mining will cease to be economically viable in 2024 new solutions need to be found.
How Lonmin will bed down with Sibanye-Stillwater - Ben Magara