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Business Report writes that troubled platinum producer Lonmin announced on Monday that it was relocating its head office to Marikana to cut costs.
This came as it warned of a possible breach of its covenant to credit facilities, amid widening operating losses in the half-year to March. The company said: “We are relocating our South African operational headquarters from Johannesburg to Marikana in 2018, to enhance executive management support to operations. This is expected to have the consequential impact of generating further savings." Lonmin, the world’s third largest platinum producer which was the scene of the Marikana massacre in mid-August 2012, has been rocked by a week-long community protest for jobs and housing.
- Read this report by Dineo Faku in full at Business Report
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