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Lonmin

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Lonmin plc
Company typePublic company
IndustryMining
Founded1909
HeadquartersLondon, England, UK
Key people
Roger Phillimore (Chairman)
Ian Farmer (CEO)
Mahomed Seedat (COO)
ProductsPlatinum Group Metals
RevenueUS$1,992 million (2011)[1]
US$311 million (2011)[1]
US$321 million (2011)[1]
Number of employees
27,800 (2011)[2]
Websitewww.lonmin.com

Lonmin plc (LSE: LMI, JSE: LOLMI), formerly Lonrho plc, is a producer of platinum group metals operating in the Bushveld Complex of South Africa. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. Its registered office is in London, and its operational headquarters are in Johannesburg, South Africa.[3]

History

The Company was incorporated in the United Kingdom on 13 May 1909 as the London and Rhodesian Mining and Land Company Limited.[4]

Businessman Tiny Rowland was recruited as chief executive in 1962.[5] For many years during the second half of the twentieth century it was frequently in the news, not only due to the politically-sensitive part of the world in which it had mining businesses, but also – as it strove to become a conglomerate not wholly dependent on these businesses – in a number of takeover battles, most notably for the Harrods of Knightsbridge department store.[5]

In 1968, Lonrho acquired Ashanti Goldfields Corporation, a gold mining business in Ghana.[6] The former Conservative minister Duncan Sandys, a director of Ashanti, became Lonrho's chairman in 1972.[7]

During the 80s, Lonrho entered the British newspaper market, buying the Sunday newspaper The Observer in 1981[8] and the newly launched daily Today in 1986.[9] Today was sold to News International the following year,[10] while the Guardian Media Group bought the Observer in 1993.[8]

Sir Angus Ogilvy, married to a member of the British royal family (Princess Alexandra), was a Lonrho director and this increased media interest in the company's affairs. Ogilvy's career ended when Lonrho was involved in a sanctions-busting scandal concerning trade with Rhodesia. Prime Minister, Edward Heath, criticised the company, describing it in the House of Commons in 1973 as "an unpleasant and unacceptable face of capitalism."[11]

Tiny Rowland was finally ejected from Lonrho in October 1993 after a boardroom tussle with director Dieter Bock.[12]

Two months before Rowland's death (on 26 July 1998) the assets of Lonrho were demerged. Two publicly listed companies, Lonrho plc and Lonrho Africa plc were created – the former retaining all the non-African businesses and mining assets.[13] In 1999 Lonrho plc was renamed as Lonmin plc and a new era as a focused mining company began.[14] Since then it has divested itself of all non-core assets.

In late 2008 CEO Brad Mills announced his intention to resign from his position, and Lonmin indicated that former chief strategic officer responsible for the company’s business development, Ian Farmer, would replace him.[15] This could be viewed as a positive development, as Farmer has more experience in the platinum industry. Mills leaves behind a "significant contribution in developing the company over the past four years" according to chairperson, Sir John Craven, as his introduction of mechanized mining has increased safety for the miners, as well as increasing productivity.[16]

Xstrata has retained a 24.9% stake in Lonmin, following a failed takeover bid in 2008.[17]

Operations

The Company is a producer of platinum group metals operating mainly in the Bushveld Complex in South Africa. It has two multi-shaft mining operations, located respectively in:[18]

Senior management

The Chief Executive from 1962 to 1994 was Tiny Rowland. Rowland was succeeded by Nicholas J Morrell who was at the helm until November 2000 when G Edward Haslem took over. Bradford Mills was appointed in March 2004. The current CEO (appointed c. Sept. 2008) is Ian Farmer.

Massacre in South Africa on 16 August 2012

The Marikana miner strike in Rustenburg, South Africa resulted in around 30 striking miners being killed by the police. [19][20]


role salary bonus total
Ian P. Farmer[21] Chief Executive Officer £351,538 £213,990 £565,528
Alan Ferguson[22] Chief Financial Officer £422,500 £366,344 £788,844

References

  1. ^ a b c "Preliminary Results 2011" (PDF). Retrieved 11 April 2012.
  2. ^ "About us". Lonmin. Retrieved 11 April 2012.
  3. ^ "Contact Us." Lonmin. Retrieved on 1 January 2011. "London – Registered Office Lonmin Plc 4 Grosvenor Place London SW1X 7YL" and "South Africa – Operational Headquarters 1st Floor 34 Melrose Boulevard Melrose Arch Johannesburg Republic of South Africa"
  4. ^ Page, Melvin E., ed. (2003). Colonialism: an International Social, Cultural and Political Encyclopedia. Santa Barbara: ABC-CLIO. pp. 350–351. ISBN 1-57607-335-1.
  5. ^ a b Tiny in name, not in nature BBC News, July 1998
  6. ^ Berry Ritchie (24 October 1968). "Ashanti-Lonrho: terms agreed". The Times.
  7. ^ Duncan Sandys. A&C Black. 2007. {{cite book}}: |work= ignored (help); Unknown parameter |month= ignored (help)
  8. ^ a b "Observer text timeline". Guardian. UK. 16 December 2008. Retrieved 18 April 2011.
  9. ^ Steve Lohr (11 November 1988). "A second life!". New York Times. Retrieved 18 April 2011.
  10. ^ "Murdoch". Ketupa. Retrieved 18 April 2011.
  11. ^ Tiny Rowland: African Giant, BBC News, July 1998
  12. ^ Ipsen, Erik (20 October 1993). "Boardroom rebellion demotes Tiny Rowland". International Herald Tribune. Retrieved 18 April 2011.
  13. ^ "Lonhro Africa keen not to lose its flair". Btimes.co.za. Retrieved 18 April 2011.
  14. ^ The Investment Case – Lonmin plc Moneyweb, 1 April 2011
  15. ^ Chanel de Bruyn. "Lonmin's Mills quits as Xstrata deadline approaches, Farmer named CEO". Miningweekly.com. Retrieved 18 April 2011.
  16. ^ Chanel de Bruyn. "Farmer named CEO". Miningweekly.com. Retrieved 18 April 2011.
  17. ^ MacAlister, Terry (2 October 2008). "Credit crisis forces Xstrata to ditch Lonmin bid". London: The Guardian. Retrieved 18 April 2011.
  18. ^ "Current operations". Lonmin.com. Retrieved 18 April 2011.
  19. ^ The Night Before Lonmin's Explaination, by Richard Stupart, African Scene, 16 August 2012
  20. ^ Beyond the chaos at Marikana: The search for the real issues, by Greg Marinovich, The Daily Maverick, 17 August 2012
  21. ^ "Ian P. Farmer: Executive Profile & Biography". BusinessWeek. Retrieved 17 September 2009.
  22. ^ "Alan Ferguson: Executive Profile & Biography". BusinessWeek. Retrieved 17 September 2009.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Lonmin&oldid=507806368"