People: Another coup for Cyril

Cyril Ramaphosa’s transition from leader of South Africa’s National Union of Mineworkers, anti-apartheid fighter and secretary-general of the African National Congress to boardroom tycoon has become even more complete with the latest deal between London-quoted platinum miner Lonmin and Shanduka Group, the black economic empowerment company he founded and chairs. As part of a £79 million transaction, Shanduka is to buy control of Lonmin’s Messina subsidiary in South Africa’s Limpopo region.

For Lonmin, once a part of the legendary Tiny Rowland’s Lonrho conglomerate (now run by entrepreneurial Australian David Lenigas), the agreement with Shanduka represents a milestone in meeting the Government’s target of 26 per cent black ownership of South Africa’s mining assets by 2015. For Ramaphosa, it marks a significant step in turning Shanduka into an operator of platinum group metals (PGMs) mines.

Ramaphosa, a lawyer like many of the ANC’s leadership, played a key part in negotiations leading up to South Africa’s first post-apartheid elections in the 1990s. After the political changeover, he eschewed politics and went into business, a move which in due course took him into the boardrooms of South African Breweries and the mighty Anglo American group.

Earlier this year, Ramaphosa won a 20-year deal to operate 145 McDonald’s restaurants in South Africa. He is also chairman of AIM-quoted precious metals producer Pan African Resources, which recently reported pre-tax profits of £26.4 million for the year to June.