Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Kumba is pleased to announce the appointments of Ms Nonkululeko Dlamini (nee Veleti) and Mr Seamus French as non-executive directors to the Board, with effect from 1 November
2016, in compliance with Section 3.59 of the JSE Limited Listing Requirements.
Ms Dlamini is being appointed as a full director and is the shareholder representative of the Industrial Development Corporation (“IDC”). Mr French is being appointed as an alternate director to both Ms Natascha Viljoen and Mr Andile Sangqu, the current Anglo American representatives on the Board.
Ms Dlamini currently serves as the Chief Financial Officer of the IDC. Prior to joining the IDC in September 2015 she was with Eskom where she spent 14 years in various executive positions. Ms Dlamini holds a BCom degree and is a Chartered Accountant (SA).
Mr French is currently the Chief Executive Officer (“CEO”) of Anglo American’s Bulk Commodities business, responsible for its coal and iron ore interests globally. He joined Anglo American in 2007 and held the position of CEO of Anglo American’s Metallurgical Coal business between 2009 and 2013, and CEO of the global Coal business until 2015. Mr French holds a degree in Chemical Engineering.
Fani Titi, Chairman of Kumba Iron Ore, commented: “On behalf of the entire Board, we welcome both Ms Dlamini and Mr French and we look forward to their valuable participation in our discussions as we continue to build Kumba’s resilience as a business for the benefit of all its stakeholders.”
Notes to editors:
Kumba Iron Ore Limited, a member of the Anglo American plc group, is a leading value- adding supplier of high quality iron ore to the global steel industry. Kumba produces iron ore in South Africa at Sishen mine and its new Kolomela mine in the Northern Cape Province, and at Thabazimbi mine in the Limpopo Province. Kumba exports iron ore to customers in a range of geographical locations around the globe including China, Japan, Korea and a number of countries in Europe and the Middle East. www.angloamericankumba.com
Anglo American is a globally diversified mining business. Our portfolio of world-class competitive mining operations and undeveloped resources provides the raw materials to meet the growing consumer-driven demands of the world’s developed and maturing economies. Our people are at the heart of our business. It is our people who use the latest technologies to find new resources, plan and build our mines and who mine, process and move and market our products – from diamonds (through De Beers) to platinum and other precious metals and copper – to our customers around the world.
As a responsible miner, we are the custodians of those precious resources. We work together with our key partners and stakeholders to unlock the long-term value that those resources represent for our shareholders, but also for the communities and countries in which we operate – creating sustainable value and making a real difference. www.angloamerican.com
