Lonmin Update - "This Too Shall Change"

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Just one day after announcing a 300% increase in pre-tax profits and optimism that 2013 will be a better year operationally, Lonmin’s share price (LSE:LMI) took a hit when the company announced yet another labor-related problem at its Marikana mine.  Employees showed up for work, but refused to enter the shafts.

© Image copyright pedrosz

Marikana had to suspend operations during an uprising last summer, but was able to finish the year in good stead.  Now, the Rustenburg region in which the mine is located has become a center for violence for the past several days.  Lonmin’s share price dropped 6.33% to 267.9 today on the news that none of the 13 shafts at Marikana are operating.

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