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FT Opening Quote: Lonmin’s people problem threatens banking covenants

Summary:
Lonmin’s people problem threatens banking covenants. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here. Lonmin, the South Africa focused platinum miner, has found you really cannot please all of the people all of the time. Continuing protests around its Marikana mine north west of Johannesburg forced it to temporarily close two smaller shafts last week. Protesters are demanding that Lonmin provides 1,000 permanent jobs for unemployed youths, along with 500 training roles. But Lonmin had lost the equivalent of m in output since closing the shafts on May 3. And these protests are just the latest in a series of disputes for the miner, which last reported an annual profit in 2013 and has seen its share price

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Lonmin’s people problem threatens banking covenants. FT Opening Quote, with...

Siona Jenkins
Former Cairene; FT Middle east news editor. Views my own.

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