Lonmin
From Wikipedia, the free encyclopedia
| Lonmin plc | |
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 |
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| Type | Public |
| Founded | 1909 |
| Headquarters | London, England, UK |
| Key people | Sir John Craven (Chairman) Brad Mills (CEO) Alistair Ross (President) |
| Industry | Mining |
| Products | Platinum Group Metals |
| Revenue | $1,941 million USD (2007) |
| Operating income | $796 million USD (2007) |
| Net income | $408 million USD (2007) |
| Employees | 24,122 (2007) |
| Website | www.lonmin.com |
Lonmin plc (LSE: LMI, JSE: LOLMI), formerly Lonrho plc, was incorporated in the United Kingdom on 13 May 1909 as the London and Rhodesian Mining Company Limited.
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[edit] Strong growth
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 not wholly dependent on these businesses – in a number of takeover battles, most notably for the Harrods of Knightsbridge department store. At this time (from 1962 to 1994) it was led by the multi-millionaire businessman Tiny Rowland.
[edit] Sanctions-busting
Sir Angus Ogilvy, married to a member of the British royal family (Princess Alexandra of Kent), 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, criticised the company, describing it in the House of Commons in 1973 as "an unpleasant and unacceptable face of capitalism."
[edit] Post-Rowland
Tiny Rowland was finally ejected from Lonrho in October 1993 after a boardroom tussle with director Dieter Bock. However, Rowland's parting shot was to get the board to appoint his nominee, Sir John Leahy, to succeed him as chairman.
Two months before Rowland's death (on July 26, 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.
[edit] Chief Executives
- 1994?–Nov 2000: Nicholas J Morrell
- Nov 2000–March 2004: G Edward Haslam
- March 2004: Bradford A Mills
