Lonmin CEO has serious illness

Platinum miner Lonmin said its Chief Executive Officer (CEO), Ian Farmer, is in hospital after being diagnosed with a serious illness.

Lonmin's Chairman Roger Phillimore has assumed control for the time being of Lonmin's Executive Committee (Exco), which has been augmented by Lonmin director Mohamed Seedat who, until 2010, was the Chief Operating Officer of Lonmin.

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Violent clashes at the mine have resulted in the deaths of eight Lonmin workers and two policemen and the interruption to mining means Lonmin is unlikely to meet its full-year guidance of 750,000 saleable ounces of platinum. Furthermore, Lonmin added that unit costs will be negatively affected by the interruption, making it probable that the unit costs will rise by more than 8.5% previously indicated.

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