Troubled platinum miner Lonmin appoints acting CEO
Aug 24, 2012 |
Reuters |
42
comments
Chief executive is undergoing treatment
Platinum miner Lonmin, facing a strained balance sheet, a shortfall in production and lost revenue after a violent strike that left 44 dead, has appointed its chief financial officer as acting chief executive.
The South Africa-focused company, the third-largest in the sector, said Simon Scott would take the helm while chief executive Ian Farmer pursues a course of treatment for an unspecified illness.
Lonmin said it would be “some months” before Farmer would return to work full time.
HE'S HUMAN: It must be tough to deal with the tragic events
Comments
Flemza
Lonmin to save your self from grieve , just Appoint Malema as acting CEO until this saga is over then all problems are solved , miners won`t return to work and you will have to pay them R12 500,00 per month whilst sitting at home and NUM will end to exist at your mine , please take my advise appoint Malema as acting CEO , all your problems are overReport Abuse
cornelius
Lonmin is in a lose lose situation.This is an opportunity for the Malemas of this world to explain exactly how nationalisation would work - how the state can take over this mine and run it more profitably, while paying higher wages, and still somehow alleviating the poverty in this country.
Come on Juju, Floyd, this is your chance, give us the business plan !!
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MommaC
Geez, talk about a poisoned chalice. Good luck Simon Scott, you are going to need it.If this isn't resolved soon, I don't see Lonmin surviving. Then there are going to be an awful lot of miners reliving the Aurora saga.
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DJ-Winner
@cornelius...You seem to have a soft spot for them. Let them go. We will get some Chinese_...I like Chinese_....Chinese_ are fair...Report Abuse
Tabza325is
@cornelius, As much as nationalisation wont work under the ANC govt, what do you suggest should be done since the rest of the country is benefiting nothing from the mineral resources of this country, only a few wealthy people in this world are benefiting from all of this, I agree nationalisation wont work since the people in power themselves are as money hungry as the wealthy of this world, what should be done?Report Abuse
MommaC
Tabza325isI would suggest the model used by Royal Bafokeng Mining but they are having a strike too.
Maybe educating people about just how expensive it is to get the minerals out of the ground and using the minerals to create manufacturing jobs HERE so that one miner isn't supporting 12 relatives?
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Tabza325is
@MommaC, how do you educate people on how expensive mining is when the owners and share holders are making so much money, everybody can see the money is there but it's filtering through to the public or the communities around this mines, I would expect some of this areas around this mines to be more developed than a standard township in SA...Report Abuse
MommaC
Tabza325isLonmin is a listed company. That means that their financials are open to public scrutiny. Go look at them. They are scary reading. It is no wonder Ian Farmer is sick - I would be too
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Sinudeity_
Tabza325is - What do you mean the rest of the country isnt benefitting from the mines?Part of the 1 trillion ANNUAL budget is generated from the hundreds of millions taxed from the mining companies.
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MommaC
Oh, and it now turns out that the majority of the people who were mowed down by the cops, didn't even work at the mine. They were 'job seekers' from the nearby squatter camp (apparently).Report Abuse
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