Phembani Group is the BEE partner of Lonmin. Phembani Group acquired a 50.3 % stake in Incwala Resources in July 2010. Incwala Resources owns 18% of Lonplats and 26% of the Akanani Project.
Lonmin is listed on the stock exchanges in London and Johannesburg. The company engages in the discovery, extraction, refining and marketing of platinum group metals (PGMs) and is one of the world’s largest primary producers of PGMs.
These metals are essential for many industrial applications, especially catalytic converters for internal combustion engines to prevent harmful emissions, and, particularly in China and Japan, where platinum is a metal of choice with jewellery manufacturers. The by-products arising from PGM mining include gold, copper, nickel, chrome and cobalt. Lonmin’s core operations, Western Platinum Limited and Eastern Platinum Limited, together Lonplats, consisting of eleven shafts and inclines, are situated in the Bushveld Igneous Complex in South Africa, a country which hosts nearly 80% of global PGM resources. Lonmin holds a new order mining licence from the South African government for the company’s core operations. The licence runs to 2037 and is renewable to 2067. Lonmin has resources of 183 million troy ounces (3 PGE + Au) of PGMs and 36 million ounces of reserves.
Lonmin conducts all its business in a socially and environmentally responsible and sustainable manner.
Kennedy Bungane, Phembani Group CEO joined the Lonmin PLC board on 12 February 2016.
Brian Beamish, chairman of Lonmin said “I am pleased to welcome Kennedy to our Board. He brings with him significant corporate experience and knowledge, particularly in a South African context. Kennedy will, I have no doubt, be a much-valued contributor to the Lonmin board.”