| Thu 22 Oct 2009, 8:00 | | LON - Lonmin - Relocation of Operational Headquarters |
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LON
LOLMI
LON - Lonmin - Relocation of Operational Headquarters
Lonmin Plc
(Incorporated in England and Wales)
(Registered in the Republic of South Africa under registration number
1969/000015/10)
JSE code: LON
Issuer Code: LOLMI & ISIN : GB0031192486
("Lonmin")
22 October 2009
Relocation of Operational Headquarters
Lonmin Plc ("Lonmin" or "the Company") announces that it intends to relocate
its operational headquarters from London to Johannesburg. This change 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."
- Ends -
Enquiries:
Investors / Analysts:
Rob Gurner +44 (0) 20 7201 6050
Head of Investor Relations
Media:
Cardew Group +44 (0) 20 7930 0777
Anthony Cardew / Rupert Pittman
Financial Dynamics + 27 (0) 11 214 2400 / 2410
Dani Cohen / Ravin Maharaj
Date: 22/10/2009 08:00:38 Produced by the JSE SENS Department.
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