Lonmin HQ to move from London to Joburg

This change it says is designed to place the executive management team in a single location close to its mining operations and to enhance day-to-day management and communications.

It will also enable the Company to engage more effectively with its South African stakeholders. As the first phase of this process the Company’s CEO, Ian Farmer, will be based in Johannesburg from 1 January 2010 and will spend the significant majority of his time in South Africa from that point onwards.

The Company’s CFO, Alan Ferguson, has confirmed that he will not relocate to South Africa as part of this reorganisation and will therefore relinquish his position and resign from the Board at a future date. Mr. Ferguson has committed to remain in his present role and continue as a board director until 31 December 2010 at the earliest.

The Board of Lonmin will remain based in the UK. To support the Board and the primary listing of the Company’s shares on the London Stock Exchange a small office will be retained in London.

Ian Farmer, CEO of Lonmin, said: “As part of Lonmin’s continuing transformation, now is the right time to start the process of consolidating the executive management team in South Africa.

This move will bring many benefits as we continue to deliver operational improvements and build on the firm foundations put in place over the last year.”

Roger Phillimore, Chairman of Lonmin, added: “This move demonstrates Lonmin’s commitment to South Africa where it intends to continue to play a full part in the national transformation process. However I want to emphasise that Lonmin greatly values its UK domicile and primary listing in London and will continue to maintain a Board with the blend of backgrounds, skills and experience required to provide effective leadership appropriate for a FTSE100 company. The Board’s key functions of management oversight, strategic direction, decision making and corporate governance will remain in London.”

Business Day (SA)