Lonmin
Overview
 
Lonmin plc formerly Lonrho plc, is a producer of platinum
Platinum
Platinum is a chemical element with the chemical symbol Pt and an atomic number of 78. Its name is derived from the Spanish term platina del Pinto, which is literally translated into "little silver of the Pinto River." It is a dense, malleable, ductile, precious, gray-white transition metal...

 group metals operating in the Bushveld Complex
Bushveld igneous complex
The Bushveld Igneous Complex is a large layered igneous intrusion within the Earth's crust which has been tilted and eroded and now outcrops around what appears to be the edge of a great geological basin, the Transvaal Basin. Located in South Africa, the BIC contains some of the richest ore...

 of South Africa. It is listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...

 and is a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....

.
The Company was incorporated in the United Kingdom on 13 May 1909 as the London and Rhodesia
Rhodesia
Rhodesia , officially the Republic of Rhodesia from 1970, was an unrecognised state located in southern Africa that existed between 1965 and 1979 following its Unilateral Declaration of Independence from the United Kingdom on 11 November 1965...

n Mining and Land Company Limited.

Businessman Tiny Rowland
Tiny Rowland
Roland "Tiny" Rowland was a British businessman and chairman of the Lonrho conglomerate from 1962 to 1994...

 was recruited as chief executive in 1962. 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
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...

 not wholly dependent on these businesses – in a number of takeover battles, most notably for the Harrods
Harrods
Harrods is an upmarket department store located in Brompton Road in Brompton, in the Royal Borough of Kensington and Chelsea, London. The Harrods brand also applies to other enterprises undertaken by the Harrods group of companies including Harrods Bank, Harrods Estates, Harrods Aviation and Air...

 of Knightsbridge
Knightsbridge
Knightsbridge is a road which gives its name to an exclusive district lying to the west of central London. The road runs along the south side of Hyde Park, west from Hyde Park Corner, spanning the City of Westminster and the Royal Borough of Kensington and Chelsea...

 department store.

In 1968, Lonrho acquired Ashanti Goldfields Corporation
Ashanti Goldfields Corporation
This is the article on the mining company. For the football club of the same name see Ashanti Gold SC.The Ashanti Goldfields Corporation is a gold mining company based in Ghana that was founded by Edwin Cade. The Ashanti Mine, located at Obuasi, 56 km south of Kumasi, has been producing since 1897...

, a gold mining business in Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...

.
Encyclopedia
Lonmin plc formerly Lonrho plc, is a producer of platinum
Platinum
Platinum is a chemical element with the chemical symbol Pt and an atomic number of 78. Its name is derived from the Spanish term platina del Pinto, which is literally translated into "little silver of the Pinto River." It is a dense, malleable, ductile, precious, gray-white transition metal...

 group metals operating in the Bushveld Complex
Bushveld igneous complex
The Bushveld Igneous Complex is a large layered igneous intrusion within the Earth's crust which has been tilted and eroded and now outcrops around what appears to be the edge of a great geological basin, the Transvaal Basin. Located in South Africa, the BIC contains some of the richest ore...

 of South Africa. It is listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...

 and is a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....

.

History

The Company was incorporated in the United Kingdom on 13 May 1909 as the London and Rhodesia
Rhodesia
Rhodesia , officially the Republic of Rhodesia from 1970, was an unrecognised state located in southern Africa that existed between 1965 and 1979 following its Unilateral Declaration of Independence from the United Kingdom on 11 November 1965...

n Mining and Land Company Limited.

Businessman Tiny Rowland
Tiny Rowland
Roland "Tiny" Rowland was a British businessman and chairman of the Lonrho conglomerate from 1962 to 1994...

 was recruited as chief executive in 1962. 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
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...

 not wholly dependent on these businesses – in a number of takeover battles, most notably for the Harrods
Harrods
Harrods is an upmarket department store located in Brompton Road in Brompton, in the Royal Borough of Kensington and Chelsea, London. The Harrods brand also applies to other enterprises undertaken by the Harrods group of companies including Harrods Bank, Harrods Estates, Harrods Aviation and Air...

 of Knightsbridge
Knightsbridge
Knightsbridge is a road which gives its name to an exclusive district lying to the west of central London. The road runs along the south side of Hyde Park, west from Hyde Park Corner, spanning the City of Westminster and the Royal Borough of Kensington and Chelsea...

 department store.

In 1968, Lonrho acquired Ashanti Goldfields Corporation
Ashanti Goldfields Corporation
This is the article on the mining company. For the football club of the same name see Ashanti Gold SC.The Ashanti Goldfields Corporation is a gold mining company based in Ghana that was founded by Edwin Cade. The Ashanti Mine, located at Obuasi, 56 km south of Kumasi, has been producing since 1897...

, a gold mining business in Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...

. The former Conservative minister Duncan Sandys
Duncan Sandys
Edwin Duncan Sandys, Baron Duncan-Sandys CH PC was a British politician and a minister in successive Conservative governments in the 1950s and 1960s...

, a director of Ashanti, became Lonrho's chairman in 1972.

During the 80s, Lonrho entered the British newspaper market, buying the Sunday newspaper The Observer
The Observer
The Observer is a British newspaper, published on Sundays. In the same place on the political spectrum as its daily sister paper The Guardian, which acquired it in 1993, it takes a liberal or social democratic line on most issues. It is the world's oldest Sunday newspaper.-Origins:The first issue,...

in 1981 and the newly launched daily Today
Today (UK newspaper)
Today was a national newspaper in the United Kingdom, which was published between 1986 and 1995.-History:Today, with the American newspaper USA Today as inspiration, launched on Tuesday, 4 March 1986, with the front page headline, "Second Spy Inside GCHQ". At 18 pence, it was a middle-market...

in 1986. Today was sold to News International
News International
News International Ltd is the United Kingdom newspaper publishing division of News Corporation. Until June 2002, it was called News International plc....

 the following year, while the Guardian Media Group
Guardian Media Group
Guardian Media Group plc is a company of the United Kingdom owning various mass media operations including The Guardian and The Observer. The Group is owned by the Scott Trust. It was founded as the Manchester Guardian Ltd in 1907 when C. P. Scott bought the Manchester Guardian from the estate of...

 bought the Observer in 1993.

Sir Angus Ogilvy
Angus Ogilvy
Sir Angus James Bruce Ogilvy, was a British businessman best known as the husband of Princess Alexandra of Kent, a first cousin of Queen Elizabeth II....

, married to a member of the British royal family (Princess Alexandra
Princess Alexandra, The Honourable Lady Ogilvy
Princess Alexandra, The Honourable Lady Ogilvy is the youngest granddaughter of King George V of the United Kingdom and Mary of Teck. She is the widow of Sir Angus Ogilvy...

), 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
Edward Heath
Sir Edward Richard George "Ted" Heath, KG, MBE, PC was a British Conservative politician who served as Prime Minister of the United Kingdom and as Leader of the Conservative Party ....

, criticised the company, describing it in the House of Commons
British House of Commons
The House of Commons is the lower house of the Parliament of the United Kingdom, which also comprises the Sovereign and the House of Lords . Both Commons and Lords meet in the Palace of Westminster. The Commons is a democratically elected body, consisting of 650 members , who are known as Members...

 in 1973 as "an unpleasant and unacceptable face of capitalism."

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

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. In 1999 Lonrho plc was renamed as Lonmin plc and a new era as a focused mining company began. 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. 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.

Xstrata
Xstrata
Xstrata plc is a global mining company headquartered in Zug, Switzerland and with its registered office in London, United Kingdom. It is a major producer of coal , copper, nickel, primary vanadium and zinc and the world's largest producer of ferrochrome...

 has retained a 24.9% stake in Lonmin, following a failed takeover bid in 2008.

Operations

The Company is a producer of platinum
Platinum
Platinum is a chemical element with the chemical symbol Pt and an atomic number of 78. Its name is derived from the Spanish term platina del Pinto, which is literally translated into "little silver of the Pinto River." It is a dense, malleable, ductile, precious, gray-white transition metal...

 group metals operating mainly in the Bushveld Complex
Bushveld igneous complex
The Bushveld Igneous Complex is a large layered igneous intrusion within the Earth's crust which has been tilted and eroded and now outcrops around what appears to be the edge of a great geological basin, the Transvaal Basin. Located in South Africa, the BIC contains some of the richest ore...

 in South Africa. It has two multi-shaft mining operations, located respectively in:
  • Marikana Region
  • Limpopo Region

Senior management

The Chief Executive from 1962 to 1994 was Tiny Rowland
Tiny Rowland
Roland "Tiny" Rowland was a British businessman and chairman of the Lonrho conglomerate from 1962 to 1994...

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

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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