Lonmin
Encyclopedia : L : LO : LON : Lonmin
Lonmin plc(LSE: [LMI]
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.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.Post-Rowland
Tiny Rowland was finally ejected from Lonrho in 1994 after a boardroom tussle with chairman Dieter Bock. 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.External links
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