Entering its fifth year since the Marikana tragedy, South Africa's third-largest platinum miner, Lonmin, still finds itself operating in difficult conditions as metal prices continue to be dogged by oversupply. Its operating costs are also among the highest in the industry. "The current prices are unsustainable, the current prices are really damaging the industry and the extent of underinvestment in the industry is such that some of that damage will end up irreparable," Ben Magara, Lonmin's CEO, said in an interview with Business Times. Magara was roped in months after the 2012 pay dispute in which 34 mineworkers were killed on the company's doorstep. Over the past four years, the company has undertaken three rights issues and weathered another, five-month, wage strike. Bloodied, it has seen its stock plunge more than 96% in value over the period. Over the same time, the price of platinum — mainly used by the motor vehicle industry — has dropped 42%. Magara said the platinum industr...
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