Cyril’s Shanduka to sponsor funerals

2012-08-18 16:57

ANC heavyweight and Lonmin non-executive director Cyril Ramaphosa’s Shanduka group will contribute R2 million towards the funeral costs of those who died at Marikana.

Ramaphosa’s Shanduka group owns 9% of Lonmin through its 50% shareholding in Incwala Resources, Lonmin’s BEE partner.

Ramaphosa visited Marikana on Friday evening as part of President Jacob Zuma’s delegation.

In a statement released by Shanduka’s Maureen Mphatsoe, the group announced its financial support.

“This forms part of efforts to attend to the immediate needs of the families of all those killed and wounded in these clashes. Attending to the welfare of those most deeply affected by this tragedy is the highest priority,” Mphatsoe said.

She said Shanduka supported the probe announced by Zuma into the incident.

In an interview with City Press, Ramaphosa said events at Marikana “suddenly just erupted”.

“I am grateful the president appointed this commission because it will come out with the truth of what the causes were, what the role of the various actors were and whether enough was done or not.

"We should focus on that. As the president has said, it doesn’t help at the moment to be shifting the blame. We should focus now on how to approach issues in the commission,” Ramaphosa said.

A former general secretary of the National Union of Mineworkers, Ramaphosa said: “The mining industry is a very volatile industry. I have been there, and I know it.”


What is Lonmin?

History
Lonmin is a platinum group metals producer, with its registered office in London and its operational headquarters in Joburg.

The company, which was created in 1909 in the UK, was formerly known as the London and Rhodesian Mining and Land Company Limited.

In 1998, Lonrho’s assets were demerged and two publicly listed companies – Lonrho plc and Lonrho Africa plc – were created.

Lonrho plc was renamed Lonmin plc in 1999, and focused entirely on mining.

Xstrata holds a 24.9% stake in Lonmin after a failed takeover bid in 2008.

Earnings
According to its website, Lonmin’s revenue in 2011 was $1.992 million (R16.6 million).

Its operating income in the same year was $311 million, and its net income was $321 million.

The company says on its website that last year it had a total of 27 800 employees.

Management structure
» Led and controlled by a board of directors – two executive, eight non-executive
» Non-executive directors are one British-South African, one Dutch, three British, three South African
» The South African directors are Cyril Ramaphosa, Mahomed Seedat and Dr Len Konar
» Chief executive is Ian Farmer, who is described on the website as British and South African – source: www.lonmin.com


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