In August 2010, Kumba Iron Ore CFO Bothwell Mazarura joined the finance division of Lonmin Plc which at the time was listed on the London Stock Exchange and had platinum interests in the North-West Province.
The massacre of mineworkers at Lonmin’s Marikana mine is an unforgettable blot on Bothwell’s six year stay at the company. On 16 August 2012, thirty-four miners were killed by members of the South African Police Service in a protracted strike in which miners demanded a minimum wage of R12 500 per month.
‘It was a defining moment for me to witness how the situation deteriorated so quickly and to observe the blunt reality of mining in South Africa,’ Bothwell recalls. ‘It was tempting to just walk away from the whole mess and free myself from the stress of the aftermath. But I realised that as Head of Finance, I had an opportunity to influence change that would have a positive impact in the lives of the miners and their families.’
Bothwell became a trustee of the Provident Fund set up for the employees and took part in the ensuing interaction with the unions.
Following the fallout of the Marikana incident and the subsequent commodity down cycle, Bothwell participated in the efforts to save the company which included two rights issues and two refinancing transactions.
The Marikana incident reinforced Bothwell’s original purpose for being involved in mining in the first place while the experience gained in the efforts to save the company would shape his future personal and professional outlook further on in his career.
In July 2016, he was head-hunted for the role of Financial Director of Wescoal. He was attracted by the prospect of being part of the growth story of a company that was majority black-owned and listed on the Johannesburg Stock Exchange.
‘I was quite pleased with my new role and I thought I would be at Wescoal for many a year. But then Anglo American came calling. Given the long history I had with the company going back to my articled clerk days in Zimbabwe, it was an opportunity I had to give serious consideration. My decision to make the leap was informed by the fact that I would be able to make a bigger difference to society through a bigger organisation.’
This article is an extract from the Masters of Money book by KC Rottok Chesaina (JONATHAN BALL PUBLISHERS)
