AFTER being fired as CEO by BHP Billiton, Brian Gilbertson has reemerged as a consultant at Lonmin, the world's fourth-largest platinum producer, advising the company as it examines its potential to grow as an international diversified mining company.
Lonmin's change in strategy, announced yesterday, comes two years after it said it planned to focus solely on developing its SA platinum group metal assets.
"The board of Lonmin intends to re-examine the potential for developing Lonmin as an international, diversified mining company," the company said.
Gilbertson was reportedly sacked by BHP in January for his efforts to put together a merger with competitor Rio Tinto.
Lonmin said Gilbertson would also advise the company on empowerment as Lonmin moves to comply with its black economic empowerment obligations in SA.
A number of analysts expressed concern about the company's lack of strategic direction. "It (the plan to re-examine its strategy) is indicative of weakness of strategic management," said one mining analyst.
But Lonmin CE Edward Haslam said: "We continue to review our options. You would expect that of any management."
Haslam said the most pressing issue for Lonmin was black economic empowerment. His comment came amid speculation yesterday that Lonmin may sell a stake to Mzi Khumalo's resources company, Metallon. Haslam declined to comment on this.
Lonmin's share price closed 6,25% lower in London. On the JSE Securities Exchange SA, it closed 1,5% higher at R96,50.
May 15 2003 07:12:47:000AM Julie Bain Business Day 1st Edition
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