Good week for Ben Magara and a bad week for Faith Muthambi
Just when some thought Lonmin would be the first casualty of depressed platinum prices, the share lifted almost 15% to R12.86 after CEO Ben Magara reported "a pleasing operational performance all round ... even at current low PGM prices and a strong rand" in its third quarter, thanks in part to cost containment. Net cash improved, it has completed the purchase of its stake in the Pandora mine, and is rebuilding relations in Marikana — all of which leaves Lonmin in a stronger position to secure its vital loans.
The Organisation Undoing Tax Abuse (Outa) laid charges of treason, no less, against public service & administration minister Faith Muthambi. Outa’s Dominique Msibi baldly says: "Muthambi is involved in state capture and has been captured by the Guptas." This after the Gupta e-mails showed she allegedly sent confidential information on cabinet meetings to the Guptas. In 2015 a high court found Muthambi, then communications minister, had acted irrationally and unlawfully in making Hlaudi Motsoeneng the SABC’s COO.