22nd Jul 2014 10:53
LONDON (Alliance News) - Lonmin PLC Tuesday said it that on Monday its board appointed Brian Beamish as the new chairman of the company with immediate effect.
The South African platinum mining company announced in March that Roger Phillimore would retire as Chairman on April 30 and Beamish would take over as Interim Chairman from May 1.
"Lonmin holds rights over a suite of exceptional platinum group metals assets, has unmatched technical strengths and good people with the drive and skills to restore the business to profitability," Beamish said in a statement. "The return to work after a damaging strike of unprecedented length is progressing well."
The company struggled in the first-half of 2014 as a five-month long strike over pay, which ended on June 24, crippled the company's production rates.
"I will continue to work closely with our Chief Executive Officer, Ben Magara, in leading the Board and Company through the challenges ahead, creating value for shareholders and all stakeholders," Beamish added.
Lonmin shares were up 0.8% to 232.20 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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