Glencore tightens its grip on Lonmin
Coal miner-to-wheat trading giant Glencore Xstrata today moved to take greater control of Lonmin, as the beleaguered platinum group continues to struggle with trade unions in South Africa.
Two Glencore Xstrata executives — Gary Nagle, the boss of its alloys division, and Paul Smith, head of strategy and communications — were today appointed non-executive directors at Lonmin.
Glencore Xstrata owns almost a quarter of Lonmin, and investors have been keen to find out what chief executive Ivan Glasenberg plans to do with that stake. There has been talk he will eventually sell up, having inherited the shareholding after adding Xstrata to his Glencore empire in May in a $29 billion (£18 billion) deal.
Glasenberg is bringing the Glencore Xstrata management team to London this week to talk to investors about its progress after it last month revealed a $7.7 billion hit on the value of Xstrata’s assets.
Lonmin, which has suffered from union problems for more than a year, will have showdown talks with Solidarity in November, as it does not recognise the union.
- 1 The West has it totally wrong on Lee Kuan Yew
- 2 Watch: Man takes selfie every mile of 2,600 mile hike, creates amazing timelapse video
- 3 The day I starred in Only Fools and Horses
- 4 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 5 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Revealed: Putin's army of pro-Kremlin bloggers
Germanwings plane crash: Co-pilot Andreas Lubitz wanted to 'do something people would remember him for'
Andreas Lubitz: Knee-jerk reaction to 9/11 enabled mass murder
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...