Lonmin CFO Simon Scott to step down

Platinum producer Lonmin has announced that Simon Scott will step down as chief financial officer, most likely after the company’s interim results in May.

Lonmin said the search for a successor was at an advanced stage and an announcement will be made in due course.

Scott said: “After successfully completing last year's fundraising in an exceptionally challenging market, it is now the right time for me to pursue other interests.”

RBC Capital Markets said that following the company's capital raise and debt restructure last year, the balance sheet is now stable and so the announcement is neutral.

Back in December, the beleaguered miner reported a 71% take-up of its heavily-discounted $407m rights issue, as it looked to stay afloat amid declining commodity prices.

At 1304 BST, Lonmin shares were down 7.9% to 143p.