Lonmin's CFO appointed as interim CEO

Platinum miner Lonmin has appointed Simon Scott, the group's Chief Financial Officer, as Acting Chief Executive Officer (CEO) while Ian Farmer is receiving treatment for his illness.

The mining group announced on August 16th that CEO Farmer had been diagnosed with a serious illness. He is now receiving treatment for that illness but it will be some months before he is able to return to work full-time.

Lonmin's Chairman Roger Phillimore assumed temporary control of Lonmin's Executive Committee (Exco) while Farmer spent time in hospital to have his illness diagnosed, but has now handed over executive duties to Scott.

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Phillimore said Scott will be supported by the existing team of executive vice-presidents at Lonmin and the Exco, which will continue to include both Phillimore and Mahomed Seedat, the former Chief Operating Officer of Lonmin who was drafted on to the committee earlier this month.

Roger Phillimore, Chairman of Lonmin said he was confident of Scott's leadership "at this challenging time", a reference to the extreme difficulties the company is experiencing in South Africa.

The platinum miner Lonmin said earlier this week that it is looking at options to 'strengthen its financial structure', after a week-long violent protest at its Marikana operations culminated with dozens of employee deaths; the subsequent impact on production means that the company will breach its bank covenants, it announced on Tuesday afternoon.

JH