#BizPrime NUMBER OF THE DAY: 12 600
151 views · Published 14 May 2018 · 1:56 · Indexed 23 September 2026
Channel: SABC News · 2018 · News & Politics
The number of the day is 12 600. It sounds very similar to the R12500 wage offer demanded by striking Lonmin workers years ago. And it's linked to Lonmin mine where police shot and killed striking miners in 2012. The company released interim results today. And the CEO of Lonmin is saying that 12600 jobs could be lost at the mine over the next three years unless there's a breakthrough for the company. Basically, Lonmin is so broke, the Chief Financial Officer has said it's struggling to be a going concern, meaning it is struggling to cover its costs and make a profit. Lonmin is banking on the approval of a deal with Sibanye-Stillwater, another miner who wants to buy Lonmin for R5 billion. It says it is sitting on mining potential but needs funds to tap the ores in the ground. 2000- jobs have been lost and 1700 will be shed this year - so the clock is ticking. The needs of the workers for a living wage are acute and real - but Lonmin does seem unable to push up wages for now. I can tell you that the share price of Lonmin climbed by nearly seven percent today - possibly on the hopes that the company will be saved. For more news, visit: sabcnews.com
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