Constitutional Court of South Africa dismisses applications brought by Greater Lonmin Community
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Johannesburg, 5 September 2019: Sibanye-Stillwater (Tickers JSE: SGL and NYSE: SBGL - https://www.commodity-tv.net/c/search_adv/?v=299128 ) is pleased to announce that the Constitutional Court of South Africa (the “Con Court”) has today, delivered judgment on the applications for leave to appeal and direct access by the Greater Lonmin Community (“GLC”), in which the GLC sought to essentially set aside the acquisition of Lonmin Plc (“Lonmin”) by Sibanye-Stillwater. The Con Court dismissed, without costs, the application for leave to appeal as it bore no reasonable prospects of success, and dismissed the application for direct access as the GLC had not made a case that was sufficiently in the interests of justice for it to be heard directly by the Con Court.
The effect of the Con Court order is that the judgment of the Competition Appeal Court (which, in essence, endorsed the judgment of the Competition Tribunal) remains in force. This now brings an end to all proceedings.
CEO, Neal Froneman commenting on the positive Con Court ruling said: “We are extremely pleased with the judgment made by the Con Court today, which supports our view that the GLC’s claims had been properly dealt with before by the Competition Appeal Court and the Competition Tribunal and were frivolous. It is unfortunate that certain stakeholders seem unable to recognise the plight that faced the Lonmin operations and, instead of engaging with us, continue to pursue spurious and expensive legal alternatives. We are sensitive to the needs of our communities and remain committed to ongoing engagement and to delivering on Lonmin’s Social and Labour Plan commitments and recorded in the conditions handed down by the Competition Tribunal and reiterated by the Competition Appeal Court.”
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The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, our future business prospects; financial positions; debt position and our ability to reduce debt leverage; business, political and social conditions in the United Kingdom, South Africa, Zimbabwe and elsewhere; plans and objectives of management for future operations; our ability to obtain the benefits of any streaming arrangements or pipeline financing; our ability to service our bond Instruments (High Yield Bonds and Convertible Bonds); changes in assumptions underlying Sibanye-Stillwater’s estimation of their current mineral reserves and resources; the ability to achieve anticipated efficiencies and other cost savings in connection with past, ongoing and future acquisitions, as well as at existing operations; our ability to achieve steady state production at the Blitz project; the success of Sibanye-Stillwater’s business strategy; exploration and development activities; the ability of Sibanye-Stillwater to comply with requirements that they operate in a sustainable manner; changes in the market price of gold, PGMs and/or uranium; the occurrence of hazards associated with underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and industrial action; the availability, terms and deployment of capital or credit; changes in relevant government regulations, particularly environmental, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretations thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings or other environmental, health and safety issues; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; the ability to hire and retain senior management or sufficient technically skilled employees, as well as their ability to achieve sufficient representation of historically disadvantaged South Africans’ in management positions; failure of information technology and communications systems; the adequacy of insurance coverage; any social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater’s operations; and the impact of HIV, tuberculosis and other contagious diseases.
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