London, England — MININGREVIEW.COM — 23 October 2009 – Lonmin Plc “’ the world’s third largest platinum company “’ has announced that it intends to relocate its operational headquarters from London to Johannesburg.
A statement issued here said this change was 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 would also enable the company to engage more effectively with its South African stakeholders.
It added that as the first phase of this process company CEO, Ian Farmer would be based in Johannesburg from 1 January 2010, and would spend the significant majority of his time in South Africa from that point onwards.
Company CFO Alan Ferguson has confirmed that he will not relocate to South Africa as part of this re-organisation, 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 to continue as a board director until 31 December 2010 at the earliest.
The board of Lonmin will remain based in the United Kingdom, and 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.
CEO Ian Farmer commented: “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.”
Company chairman Roger Phillimore said: “This move demonstrates Lonmin’s commitment to South Africa, where it intends to continue to play a full part in the national transformation process.”