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ANCYL bemoans Lonmin plans

Nov 01 2012 19:18 Sapa

Company Data

Lonmin plc [JSE:LON]

Last traded 43.37
Change 0.2
% Change 0.00
Cumulative volume 243059
Market cap 24.66bn

Last Updated: 29/07/2014 at 02:18. Prices are delayed by 15 minutes. Source: McGregor BFA

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Lessons from Lonmin

 
Johannesburg - The ANC Youth League (ANCYL) on Thursday said it was shocked to learn that Lonmin [JSE:LON] Platinum had given notice to union members of possible retrenchments.

"The timing of the notice, right in the middle of an emotive and highly charged hearings on how more than 40 people lost their lives, is indicative of capital's ingrained cruelty," the ANCYL said in a statement.

"Despite concerted overtures from grieving families, seeking healing and closure during this difficult time, Lonmin management has the audacity to issue a notice on possible retrenchments."

The company issued a notice that it was contemplating restructuring to unions on Tuesday, signed by vice-president for human capital Barnard Mokwena.

"I can confirm that we have notified the unions," he said.

The notice to unions said the number of employees who might be affected was not known at this stage. Lonmin currently employs 28 042 people.

The ANCYL said the notice of restructuring was an insult to the mineworkers who celebrated the wage settlement reached with Lonmin management less than a month ago.

"It was a cruel trick management used to lure workers back to work, unaware that even before they could enjoy what was a well-deserved victory, they or their colleagues and comrades would be facing looming unemployment and even harsher poverty," it said.

"Lonmin, its managament, directors and shareholders should attempt to preserve any shred of humanity and integrity they may still have by permanently halting this callous and cruel restructuring process."
lonmin  |  ancyl
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