Lonmin
Lonmin plc was a British platinum mining company listed on the London Stock Exchange (LSE), incorporated in 1909 as the London and Rhodesia Mining and Land Company (Lonrho), renamed Lonmin in 1998. Its principal asset was the Marikana platinum mine in the Bushveld Complex, Rustenburg area, North West Province, South Africa. The company became internationally notorious following the Marikana massacre of 16 August 2012, in which 34 striking Lonmin miners were killed by SAPS officers. Lonmin was acquired by Sibanye-Stillwater in June 2019 after losing 98% of its share value in the years following the massacre.
Marikana massacre: On 16 August 2012, SAPS officers shot and killed 34 striking Lonmin miners at a rocky outcrop (koppie) near the Marikana mine. Workers had been on strike demanding wages of R12,500 per month. The killings — the deadliest use of force by South African security services since the apartheid era — prompted international condemnation and the establishment of the Farlam Commission of Inquiry (2012–2015).
Ramaphosa conflict of interest: Cyril Ramaphosa chaired Incwala Resources, Lonmin’s B-BBEE empowerment partner — a subsidiary of his Shanduka Group. On 15 August 2012, the day before the massacre, Ramaphosa emailed Lonmin director Roger Phillimore at 14:58, copying Police Minister Nathi Mthethwa, describing the miners’ strike as “plainly dastardly criminal and perhaps even acts of war” and calling for “concomitant action.” Critics argued this framing applied political pressure on the police; the Farlam Commission found Ramaphosa’s conduct did not constitute giving orders to the police and partially exonerated him. The Phembani Group later restructured its Lonmin BEE shareholding in April 2021.
Financial collapse: Lonmin’s shares lost approximately 98% of their value in the period following August 2012. The company was unable to recover operationally or financially, hampered by low platinum prices, labour unrest, and reputational damage.
Sibanye-Stillwater acquisition: Sibanye-Stillwater recommended an all-share merger on December 14, 2017. The Competition Tribunal approved the deal with conditions in February 2019. The merger was completed on June 10, 2019 — Lonmin was delisted from the LSE and ceased to exist as an independent entity. Sibanye-Stillwater inherited Lonmin’s operations, liabilities, and the ongoing legacy of Marikana.
Connections
- Marikana massacre — central event; 34 Lonmin miners killed 16 August 2012
- Cyril Ramaphosa — chaired Incwala Resources (Lonmin BEE partner); “concomitant action” emails; Farlam exoneration
- Shanduka Group — Ramaphosa’s investment vehicle; held Lonmin BEE stake via Incwala Resources
- Phembani Group — restructured Lonmin BEE shareholding April 2021 (post-Shanduka merger)
- Farlam Commission — inquiry into Marikana massacre 2012-2015; partially exonerated Ramaphosa
- Sibanye-Stillwater — acquirer; merger completed June 10, 2019; Lonmin delisted