South Africa-focused platinum producer Lonmin on Tuesday said Simon Scott would step down as chief financial officer and that the company is looking for a successor.
Scott will step down from the board following Lonmin’s interim results in May, the company said.
Scott, appointed to Lonmin’s board in 2010, served as acting chief executive officer from August 2012 to July 2013.
Before joining Lonmin, Scott was CFO of Johannesburg-listed Aveng Ltd (AEGJ.J), an engineering and construction group with significant involvement in the mining sector.
“After successfully completing last year’s fundraising in an exceptionally challenging market, it is now the right time for me to pursue other interests,” Scott said in a statement.
Like its peers, Lonmin is battling sharp falls in commodity prices amid a supply glut and slowing demand growth in top consumer China. Its share price has tumbled by more than 94 percent since the start of 2015.
Lonmin raised $400 million through a cash call in December. The rights issue was undersubscribed even though it was deeply discounted.
Shares in the company were up 2.6 percent at 135.50 pence in early trading on the London Stock Exchange.
