Paul Smith and colleague join board amid talk Glencore will sell stake in platinum producer
Paul Smith, who heads up investor relations at Glencore Xstrata, has been appointed to the board of Lonmin as a non-executive director.
Gary Nagle, CEO of Glencore’s alloys division, has also taken a board seat at Lonmin. The appointments increase Glencore’s influence over the platinum producer, in which it holds a near 25 percent stake.
Analysts have questioned whether Glencore will want to retain the holding, which it picked up when it bought Xstrata in May in a deal worth $46 bn.
‘I am pleased we are developing a constructive working relationship with Glencore Xstrata, our largest shareholder,’ comments Roger Phillimore, Lonmin’s chairman, in a statement.
‘We recognize the potential for Lonmin from harnessing Gary’s and Paul’s undoubted skills and strong track record.’
Smith joined Glencore as an IR manager in 2011 from London-based hedge fund Marshall Wace Asset Management, where he spent six years covering mining and basic materials.
While Smith retains responsibility for IR at Glencore, his title is now head of strategy and communications. He also sits on the mining group’s executive capital allocation committee.
