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Lonmin picks Amplats exec as new CEO

Apr 02 2013 12:34 Reuters

Mgcineni Noki, the ‘Man in the Green Blanket’, addresses striking Lonmin workers just hours before 34 miners were shot dead in clashes with police. Picture: Leon Sadiki/City Press

Company Data

Anglo American Plat Ltd [JSE:AMS]

Last traded 472.00
Change -10
% Change -0.02
Cumulative volume 141801
Market cap 127.29bn

Last Updated: 31/07/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Lonmin plc [JSE:LON]

Last traded 41.60
Change -0.91
% Change -0.02
Cumulative volume 741672
Market cap 23.65bn

Last Updated: 31/07/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

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London - Platinum producer Lonmin [JSE:LON] appointed Anglo Platinum [JSE:AMS] (Amplats) executive Ben Magara as its new chief executive on Tuesday as it strives to rebound from a wave of deadly strikes which hammered it last year.

Magara, who will start in July, will be tasked with guiding Lonmin's turnaround and improving industrial relations at the company after illegal strikes last year triggered violence which killed 46 people including 34 strikers shot dead by police in a single day at its Marikana mine.    

A Zimbabwean national who ran Anglo American's South African coal operations before taking over engineering and capital projects at Amplats, Magara faces a militant labour force which closed Marikana for a day last month, embarrassing Lonmin as it hosted a media tour.

Lonmin had been searching for a new chief executive since the end of last year, when Ian Farmer officially stepped aside due to illness.

The company has been recovering and in January said production in the last three months of 2012 bounced back more strongly than expected from crippling strikes.

Platinum, used in catalytic converters in cars, has come under pressure since the global economic downturn.

The strikes, weak platinum prices and high costs meant forced Lonmin to turn to investors in November to raise $817m to avoid breaching lending terms.

Lonmin said Simon Scott, who has been acting chief executive since August 2012, will resume his role as chief financial officer when Magara joins.

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