– UK, London / SA, Johannesburg – Lonmin Plc (the “Company”) today announces the appointment of Gary Nagle and Paul Smith as non-executive directors of the Company, with immediate effect.
Mr Nagle (38) is CEO of Glencore Xstrata’s Alloys Division and is a member of its global management committee. Gary has commerce and accounting degrees from the University of the Witwatersrand, and qualified as a Chartered Accountant in South Africa in 1999. Since then he has held a variety of appointments within the Glencore group, including more than five years as CEO of Prodeco, Glencore’s Colombian coal operation. He was appointed to his current role following the acquisition of Xstrata.
Mr Smith (42) is the Head of Strategy and Communications for Glencore Xstrata plc and sits on its executive capital allocation committee. He graduated from Oxford University in Modern History and is a qualified Chartered Accountant. His career to date has been in investment banking and fund management, before joining Glencore in 2011.
Mr Nagle has significant experience of running large and complex mining and trading operations and Mr Smith has proven skills in financial analysis and extensive experience of capital markets. The board believes that each will bring useful and complementary skills, knowledge and experience.
Roger Phillimore, Chairman of Lonmin said “I am pleased that we are developing a constructive working relationship with Glencore Xstrata, our largest shareholder. We recognize the potential for Lonmin from harnessing Gary and Paul’s undoubted skills and strong track record. I believe they both will be able to help us create value for all our shareholders within a strong governance framework”.
Lonmin, which is listed on both the London Stock Exchange and the Johannesburg Stock Exchange, is one of the world’s largest primary producers of PGMs. These metals are essential for many industrial applications, especially catalytic converters for internal combustion engine emissions, as well as their widespread use in jewellery.
Lonmin’s operations are situated in the Bushveld Complex in South Africa, where nearly 80% of known global PGM resources are found.
The Company creates value for shareholders through mining, refining and marketing PGMs and has a vertically integrated operational structure – from mine to market. Lonmin’s mining operations extract ore from which the Process Division produces refined PGMs for delivery to customers. Underpinning the operations is the Shared Services function which provides high quality levels of support and infrastructure across the operations.
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