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Lonmin seeks CEO to revive fortunes

Dec 28 2012 04:15 Reuters

(Felix Dlangamandla, Beeld)

Company Data

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 miner Lonmin [JSE:LON] opened the search for a new CEO to revive its fortunes after a torrid 2012 as Ian Farmer, who is being treated for a serious illness, officially stepped aside on Friday.

The absence of a permanent CEO has been a major concern cited by investors seeking a clear strategy from the company after months of financial pressure, weak platinum prices and a wave of deadly strikes at South African mines.

Chief Financial Officer Simon Scott had ruled himself out of the job on a permanent basis, Lonmin said, but he would continue to fill the role until a replacement was found.

Farmer was admitted to hospital in August, coinciding with a wave of unrest at the group's Marikana mine that left 46 people dead and paralysed operations.

The strikes increased pressure on a company that was already being squeezed by high costs and weak platinum prices.

It was forced to turn to investors last month to raise $817m to avoid breaching lending terms.

Its biggest shareholder, miner Xstrata, which holds a 25% stake, supported the rights issue but it said it wanted management changes.

Lonmin chairperson Roger Phillimore said the group would miss Farmer's ability, commitment and drive at the company, where he worked for more than 26 years, including four as chief executive.

Shares in Lonmin were trading down 1.79% at 280.4 pence by 10:44 GMT, underperforming a flat mid cap index in London.

Lonmin shares were down 3.21% to R38.54 on the JSE.

The stock has gained some ground since November 9, when it touched a 13-year low of 227 pence, but it remains 45% down on its level 12 months ago.



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