chapter  10
Marikana’s Meaning for Crisis Management: An Instance of South Africa’s Resource Curse
ByPATRICK BOND
Pages 28

The future of multinational corporate management from the standpoint of social and environmental responsibility and community investment is grim, given how the World Bank’s International Finance Corporation (IFC) regularly bragged about the “developmental success” of the South African operations of a major mining fi rm, Lonmin. In reality, 5 years after committing U.S. $200 million to Lonmin, the fi rm’s Marikana platinum mine quickly became one of the most notorious recent cases of economic-labor-socialecological-gender relations in the world’s extractive industries. The 2012 Marikana Massacre was preceded by IFC fi nancing-a U.S. $15 million equity stake and U.S. $150 million loan commitment in 2007 due to be fully repaid by 2014-and the introduction of IFC “best case” practices ranging from economic development to racially progressive procurement and community involvement to gender work relations (IFC 2006).