We would like to begin by expressing our deepest sadness for the manner in which matters at the Lonmin-owned mine, Marikana, have unfolded in recent days. We also wish to convey our condolences to the families of the deceased. This grave outcome demonstrates that the conflict is simply greater than what we as investors tend to see – share price performance. Investors tend to struggle to comprehend socio-economic and/or environmental factors that sometimes lead to what we just witnessed at Lonmin. The misconception is that these issues can be divorced from shareholder value creation. At First Avenue, we feel differently.
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