Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
Kumba Iron Ore is South Africa’s top producer of the steel-making ingredient. (Image courtesy of Kumba Iron Ore)
Zarina Bassa has informed Kumba of her intention to step down as an independent non- executive director at the Company’s forthcoming AGM on 11 May 2017, after serving eight years. Zarina has, during her tenure, chaired both the Audit and Risk Committees of the Board. She has also served as a member of the Human Resources & Remuneration Committee and the Nominations & Governance Committee.
The Board will shortly commence the process to identify and appoint a suitable candidate as chairman of the Audit Committee.
Kumba is pleased to announce the appointment of Terence Goodlace as an independent non-executive director of the Board, with immediate effect. Terence has extensive mining experience and has previously held the position of CEO of Impala Platinum Holdings Limited and Metorex Limited.
Further to the announcements above, Anglo American has also made changes to its representation on the Board. Andile Sangqu, Executive Head of Anglo American South Africa, and Natascha Viljoen, Group Head of Processing for Anglo American, will both step down as non-executive directors of the Board with immediate effect.
Seamus French, CEO of Anglo American’s Bulk Commodities business, and Stephen Pearce, Anglo American plc’s Finance Director designate, will join the Kumba Board as non- executive directors with immediate effect, representing Anglo American plc.
Kumba Chairman Fani Titi, said: “I sincerely thank Zarina for her immense contribution and dedication to the Board over the last 8 years and I acknowledge her exemplary leadership in the very demanding role of Chairman of the Audit Committee. On behalf of Kumba, I wish Zarina the very best going forward. I also want to thank Natascha Viljoen and Andile Sangqu for their valued contributions to the Board. It has been an enormous privilege to have their expertise during a period of immense change for Kumba. I welcome Terence Goodlace, Seamus French and Stephen Pearce to the Board. We look forward to benefitting from their extensive industry and broader experience as we continue to build a more resilient and competitive business”
Terence Goodlace, age 57, was the CEO of Impala Platinum Holdings Ltd. from July 1, 2012 to November 30, 2016. Previously, Terence was the CEO of Metorex Ltd. He has also served as the COO of Gold Fields Limited and as its Executive Vice President and Head of the International Operations and subsequently the South African Operations. He has extensive mining experience having worked in the mining industry since the late 1970’s.
He was an independent non-executive director at Impala Platinum Holdings Limited between August 2010 and June 2012 and is presently an independent non-executive director at Gold Fields Limited, having been appointed in July 2016. Terence has a National Higher Diploma in Metalliferous Mining, a Bachelor of Commerce degree from the University of South Africa and a Masters in Business Administration from the University of Wales.
Stephen Pearce, age 53, joined Anglo American as Finance Director Designate in January 2017. He will be appointed to the Board of Anglo American plc as Finance Director on 24April 2017, subject to shareholder approval. Stephen has more than 16 years of public company director experience and 30 years’ experience in the mining, oil and gas, and utilities industries. Before joining Anglo American, Stephen served as Chief Financial Officer and an executive director of Fortescue Metals Group. Prior to that, he held the positions of Managing Director and CEO of Southern Cross Electrical Engineering Limited and was Chief Financial Officer of Alinta Limited.
He has a Bachelor of Business from Royal Melbourne Institute of Technology, a Graduate Diploma in Company Secretarial Practice and is a Fellow of the Institute of Chartered Accountants, a Member of the Governance Institute of Australia and the Australian Institute of Company Directors. Until January 2017, Stephen served as a Non-Executive Director of Cedar Woods Properties Limited, an Australia-listed property development company.
Seamus French, age 54, joined Anglo American in 2007 and held the position of CEO for Anglo American Metallurgical Coal between 2009 and 2013. He was CEO of Coal until 2015, when he was appointed to his current position as CEO of Anglo American’s Bulk Commodities business.
Seamus joined WMC Resources in Australia in 1994, in strategic planning and business development, before being appointed executive general manager of the Copper-Uranium division. He later joined BHP Billiton as a global vice-president Business Excellence, following its takeover of WMC in 2005. Seamus has a Bachelor of Science degree in Chemical Engineering.
