For once, something positive from Lomnin




For a while, Lomnin, the Platinum producer, has hogged negative press; if it’s not the protracted wages strike, it’s talk of impending retrenchments.

Now, the miner has reached a milestone by completing three deals to make up its remaining 8% black economic empowerment credits, Lomnin Chief Executive, Ben Mogara revealed this in a press statement.

Visibly elated at the feat, he commented: “Our employees and host communities now have equity shareholding and a shared vested interest to see Lonmin succeed for their own benefit and that of our shareholders.”

The deal was three-phased.

The first one included a swap of the Bapo community’s interest in Pandora mine for Lonmin Plc shares and the establishment of a Bapo Community Trust.

The second transaction was a profit share scheme for the benefit of employees through the establishment of the Lonplats Employees Share Ownership Trust.

The third was the establishment of a trust for communities living in the western portion of Lonmin’s Marikana operations.

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