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lonminlogo thumb medium90 90BusinessLive reports that the World Bank’s Office of the Compliance Advisor Ombudsman (CAO) has recommended an investigation of a $50m cash injection of the bank’s investment arm into platinum producer Lonmin.  

This came after it became aware of complaints that the miner had received community support for a project it was working on with the money, but had failed to comply with a social and labour plan.  The International Finance Corporation (IFC), a member of the World Bank, invested $50m in Lonmin by buying shares in the miner in 2007.  It subsequently sold the stake eight years later.  Lonmin sought the investment for a cash injection into its mining operations, where a mechanisation programme was under way, as well as for a community and local economic development programme.  The mechanisation programme was a failure and, by all accounts, its social and labour investment programme has been ineffective.  A number of complaints about Lonmin, mostly from women living in Enkaneng, near Marikana, were brought to the ombud, which is an independent body that reports directly to the president of the World Bank Group.  Lonmin said it was committed to providing any clarity whenever it was required to do so by the CAO.

  • Read this report by Allan Seccombe in full at BusinessLive

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