• Three cheers for Thuli

    Where are South Africa’s men and women of honour, asks Mandi Smallhorne.

  • Structure your pension

    An expert explains the ins and outs of different types of retirement annuities.

  • Inside Labour

    Without radical policy change SA's social fabric will continue to fray, says Terry Bell.

Data provided by iNet BFA
Loading...
See More

Aquarius Platinum CEO resigns

Oct 08 2012 08:31 Reuters

Company Data

AQUARIUS PLATINUM LIMITED [JSE:AQP]

Last traded 4.26
Change -0.06
% Change -0.01
Cumulative volume 168603
Market cap 6.24bn

Last Updated: 01/09/2014 at 03:56. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Aquarius to resume operations

Aquarius Platinum swings to loss

Aquarius resumes ops after deadly clash

Aquarius dives after deadly mine clash

Aquarius limits mining to conserve cash

Aquarius Platinum suspends operations

 

London - The CEO of Aquarius Platinum [JSE:AQP], the world’s fourth-largest platinum miner, has resigned with immediate effect, the company said on Monday, giving no reason for his departure after more than a decade at the company.

The news sent London-listed shares in Aquarius, the third major platinum miner to lose its chief executive this year, down 6.3% to 44.5 pence at 07:50 GMT, underperforming a 1.4% drop in the broader mining sector.

Aquarius has been hit along with the rest of the South Africa-focused platinum sector by labour unrest and soaring costs. It was forced to temporarily suspend operations at its Kroondal mine last month.   

Stuart Murray has pretty much been the face of Aquarius Platinum,” Nomura analysts said in a morning note.

“After an extremely difficult last three years for the company there will be plenty of speculation surrounding whether or not there is more bad news to come.”

A replacement for Murray - who was also chairperson of the miner’s principal, South African subsidiary - will be considered “in due course”, it said in a statement, adding that he will continue at Aquarius until March 31 to facilitate an “orderly handover”.

In the interim Jean Nel has been appointed Chief Operating Officer of AQP and Zwelakhe Mankazana has been appointed interim non-executive chairperson of Aquarius' principal subsidiary‚ AQPSA.

Since August nearly 50 people have been killed in labour conflict in the crucial South African mining sector after strikes for higher wages started in the platinum industry, causing the worst social unrest in the country since the end of apartheid in 1994.

The miner, which in August reported a full-year loss for the 12 months ended June 30, also said that Jean Nel, formerly commercial director, would become its chief operating officer.


* Follow Fin24 on TwitterFacebookGoogle+ and Pinterest.

 
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
5 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...