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 Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
- 2 Frank Lampard equalises for Manchester City against Chelsea: how Twitter reacted
- 3 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 4 Free U2 album: How the most generous giveaway in music history turned PR disaster
- 5 Britain First picture: Photographer 'horrified' after first Afghan policewoman killed by Taliban used for 'ban the burka' campaign
Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Jennifer Lawrence leaked 4Chan sex video branded 'fake' by forum users
Gabrielle Union contacts FBI over nude 4Chan pictures leaked by 'vultures'
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£80 - 100k + Bonus: Guru Careers: A COO / Chief Operating Officer is needed to...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...