Lonmin Recovers from South African Mining Strikes to Return to Full Production Ahead of Schedule
Lonmin has defied the doubters and has returned to full production ahead of schedule following the crippling five month platinum mining strike that took place in South Africa earlier this year.
The world’s third-largest platinum producer had remained adamant that it could return to normality without too much upheaval and especially without letting too many workers go in a bid to recapture some of the financial losses.
Remarkably, output levels in both August and September have actually surpassed those of a year previously and the company is now expected to report a full recovery before the year is out.
In a company statement Lunmin did not give specific output details for the past two months, but did reveal it had been above August and September 2013, when it mined one million tonnes and 1.04 million tonnes respectively.
"From August onwards, Lonmin has achieved steady-state production at normal levels," the company said, adding that employees had returned to work in greater numbers and faster than expected.
Along with the rest of South Africa's platinum industry, Lonmin has battled persistent labour unrest, along with low prices and rising costs. But this year's strike, which ended in June, was the longest and priciest, costing Lonmin 5.6 million tonnes of ore, containing around 348,000 equivalent saleable platinum ounces.
Lonmin will publish its fourth-quarter production report and final results on Nov. 10.
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.