Glencore digs itself deeper in at Lonmin
The coal miner-to-wheat trading giant Glencore Xstrata moved to take greater control of Lonmin yesterday, as the beleaguered platinum group continues to struggle with trade unions in South Africa.
Two Glencore Xstrata executives – Gary Nagle, the head of its alloys division, and Paul Smith, the head of strategy and communications – were appointed non-executive directors at Lonmin.
Glencore Xstrata owns nearly a quarter of Lonmin, the world’s third-biggest platinum producer, and investors have been keen to find out what chief executive Ivan Glasenberg plans to do with that stake. There has been chatter that Glasenberg would sell up, having inherited the shareholding after adding Xstrata to his Glencore empire in May in a $29bn (£19bn) deal.
Mr Glasenberg is bringing the entire Glencore Xstrata management team to London this week to meet investors, after it last month revealed a $7.7bn (£4.9bn) hit on the value of Xstrata’s assets.
Lonmin has suffered from union problems in South Africa for more than a year, with 34 people shot dead by police during a strike last summer. The group will have talks in November with negotiators from the Solidarity union, which it does not recognise.
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 3 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 4 April Fools' Day 2015: The best hoax news stories from around the internet
- 5 Gamers confess the worst things they've done in The Sims
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
Katie Hopkins reported to the police for race hatred by Labour MP Simon Danczuk after tweet about Pakistani men
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...