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Business News

Lonmin poaches new chief executive from Amplats

Lonmin, the beleaguered platinum miner, has appointed Amplats' head of engineering, Ben Magara, as chief executive. He will start on 1 July, replacing Ian Farmer, who stepped down last August due to illness.

Mr Magara, who has 22 years of experience in the mining industry, will have a tough job at Lonmin, which is suffering from weak platinum prices, high costs and the threat of strikes at its sites in South Africa. Last summer its Marikana platinum plant was at the centre of violent strikes across the country's mining industry which left more than 40 dead.

Simon Scott, Lonmin's chief financial officer, has been acting chief executive. He ruled himself out of the running for the top job and will return to run the group's finances when Mr Magara joins.