South African Reserve Bank file photo

JOHANNESBURG - Sibanye-Stillwater said on Tuesday it had received approval from the South African Reserve Bank for its acquisition of the world's third largest platinum producer, Lonmin Plc.

In December, Sibanye-Stillwater agreed to buy the troubled miner for about £285 million, or $382 million, in an all-share deal. 

The proposed transaction remains scheduled for closure during the second calendar half of 2018 and 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.

Neal Froneman, chief executive of Sibanye-Stillwater said the company was pleased to have received this important regulatory approval in a timely manner.

"[It] takes us another step closer to concluding this important transaction. Management remains focused on ensuring that the remaining conditions are met and will notify stakeholders as further progress is made," Froneman said.

 - African News Agency (ANA)