Lonmin to acquire 42.5% stake in Pandora

Mineral Resources Minister Mosebenzi Zwane has approved Lonmin’s application to acquire Anglo Platinum’s 42.5% stake in Pandora.

FILE: Mineral Resources Minister Mosebenzi Zwane. Picture: AFP.

CAPE TOWN - Mineral Resources Minister Mosebenzi Zwane has approved Lonmin’s application to acquire Anglo Platinum’s 42.5% stake in Pandora, a joint venture between Lonmin and Anglo Platinum.

The company was due to be placed on care and maintenance, where a possible 3,000 people were to lose their jobs.

In a statement, the minister says the granting of the consent is further subject to Lonmin presenting a plan to the department, within five days, on how it will address its BBBEE compliance, saying transformation cannot be compromised.

(Edited by Zamangwane Shange)