The Board of Lonmin has appointed Bradford Mills as the company's new chief executive.

Mr Mills currently sits on the firm's executive committee and is the president and chief executive of the Base Metals Division of BHP Billiton. It is expected that Mr Mills will assume his new role by May 2004.

Commenting on the appointment, Lonmin's chairman Sir John Craven, highlighted Mr Mills' experience in the sector.

'This appointment marks a new chapter in the affairs of the company,' he stated. 'The experience and knowledge that Brad Mills will bring to the company's affairs will accelerate the strategic review that the Board announced in mid-2003.'

Sir John explained that one of the priorities of the new chief executive would be to conduct a full review of the firm's corporate strategy, adding that diversification of the firm's interests was a possibility.

He stated: 'While no plans exist for any diversification at this stage, we cannot ignore the fact that, through the cycle, the market ascribes a higher value to mining activities that are diversified both in terms of sector within the industry and geography.

'It may be that the best way forward to protect and enhance shareholder value - and the future dividend stream - will be by some measure of diversification.'

The Board also offered thanks to the outgoing chairman, Edward Haslam, for his excellent service to Lonmin during his 23-year career.