JOHANNESBURG – Sibanye chief executive Neal “Mr Fixit” Froneman is today expected to confirm whether the company can place a moratorium on job cuts on its proposed merger with Lonmin.
Yesterday Froneman committed to consulting with the company's stakeholders on possibly placing a moratorium on thousands of job cuts at the Competition Tribunal hearing into the merger held in Pretoria yesterday.
The tribunal, which adjudicates competition matters, yesterday proposed that Sibanye-Stillwater consider a moratorium on job cuts in its R5 billion take-over of Lonmin, the world's third-largest platinum producer.
“We do not want to be seen as inflexible. We will give that serious consideration. We will apply our minds,” Froneman told the tribunal.
He painted a bleak picture for Lonmin should the merger not go ahead. “If the merger does not happen, Lonmin will go into decline. It does not have the capital to invest in its resources.”