Tue May 21 15:36:10 SAST 2013
Tue May 21 15:36:10 SAST 2013

Troubled platinum miner Lonmin appoints acting CEO

Aug 24, 2012 | Reuters | 42 comments

Chief executive is undergoing treatment

HE'S HUMAN: It must be tough to deal with the tragic events

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.

Comments

Tue May 21 15:36:10 SAST 2013 ::
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Aug 24, 2012

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 over
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Aug 24, 2012

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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Aug 24, 2012

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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Aug 24, 2012

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...
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Aug 24, 2012

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?
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Aug 24, 2012

MommaC

Tabza325is

I 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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Aug 24, 2012

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...
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Aug 24, 2012

MommaC

Tabza325is

Lonmin 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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Aug 24, 2012

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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Aug 24, 2012

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).
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