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Cyril Ramaphosa, chairman, Shanduka Group
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» Shanduka seizes control of Incwala

Ramaphosa takes seat at Lonmin board

I-Net Bridge | Tue, 13 Jul 2010 12:25
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[miningmx.com] -- LONMIN said Tuesday that Shanduka Resources now owned 50.03% of Incwala Resources, Lonmin's black economic empowerment partner, after all conditions had been met.

As a result, Cyril Ramaphosa had been appointed to the Lonmin board as a non-executive director.

Ramaphosa is currently executive chairman of Shanduka, which holds interests in businesses across a number of sectors.

He is also non-executive chairman of telecommunications group MTN and joint chairman of paper group Mondi. Other positions include the non-executive directorship of insurance group SASRIA, brewing group SABMiller, steelmaker MacSteel Global and financial services groups Alexander Forbes and Standard Bank Group.

"I am delighted that Shanduka is now the majority shareholder of Incwala and am particularly pleased to welcome Cyril Ramaphosa to the Lonmin board as a non-executive director," said Roger Phillimore, Chairman of Lonmin.

"Our partnership with Shanduka in Incwala, and Cyril's wise counsel will be invaluable in helping Lonmin build on its operational capacity in South Africa and to fulfil its strategic transformational objectives," Phillimore said.

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