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Vol 56 No 18

Published 11th September 2015

Miner wobbles

Two international mining giants are in dire straits – Glencore and Lonmin – and taking parts of the economies of Congo-Kinshasa, South Africa and Zambia with them. Even before the crisis, both carried political baggage. Glencore has been run for the past 15 years by South African Ivan Glasenberg, who is remembered by African National Congress (ANC) leaders as a protégé of company-founder Marc Rich, the pioneering commodity trader who broke sanctions to sell to the apartheid regime. Lonmin, once the minerals division of Roland 'Tiny' Rowland's Lonrho, later had Cyril Ramaphosa, current SA Deputy President, on its board and is now indelibly linked to the 2012 massacre by police at its Marikana mine.

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