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Sibanye Buying Long-Suffering Lonmin in $383 Million Deal

  • Sibanye offers all-share deal to buy platinum miner Lonmin
  • South African government’s PIC must give consent to merger
A worker walks past the Marikana platinum mine, operated by Lonmin Plc, in Marikana, South Africa.
A worker walks past the Marikana platinum mine, operated by Lonmin Plc, in Marikana, South Africa.Photographer: Waldo Swiegers/
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Sibanye Gold Ltd. plans to buy Lonmin Plc, marking the end of the smallest and most financially stressed of the world’s three biggest platinum miners.

Sibanye offered 285 million pounds ($383 million) to buy Lonmin in an all-share offer, according to a statement on Thursday. The deal, Sibanye’s fourth major acquisition in the past two years, cements the status of Chief Executive Officer Neal Froneman as a top dealmaker in platinum and gold.