Xstrata has long been considered a private equity house in miner’s clothing. Now it’s taking on the role of activist investor, too. The miner owns 25 per cent of struggling platinum producer Lonmin, and is being far from supportive in its role as a lead shareholder. Lonmin says Xstrata will back the company’s $817-million emergency rights issue but only if it gets to hand-pick a new CEO and other top managers. Lonmin is rejecting those demands and for now, it can afford to.