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CEO, CFO exit African Minerals

London - -focused iron ore miner said on Wednesday it was refocusing on growth through existing assets and that both its chief executive and its chief financial officer were leaving the company.

The company said Chief Executive Keith Calder, in post for just over a year, had resigned and would be replaced immediately by Bernard Pryor, a board director.

Chief Financial Officer Miguel Perry would be replaced by Matthew Hird, formerly CFO at copper miner Kazakhmys, from October 1, the company said.

' shares opened down 5%.

Executive Chairperson Frank Timis said in the statement that Pryor, 56, would focus on developing the company's iron ore asset in rather than on acquisitions and diversification.

"(Pryor) shares the same view as the rest of the Board, that must first focus on consistent production and lowering costs, and thereafter develop further growth," he said.

Pryor led Anglo American [JSE:AGL] ferrous division in before joining .

Analysts at Jefferies said Calder's departure could have a "clear silver lining for equity investors," and favoured the turn to concentrating on the company's flagship Tonkolili iron ore mine.

"From the onset it was clear that Calder's broader ambition was to grow into a diversified miner across in the near term," it said in a note on Wednesday.

"Perhaps our greatest concern for in recent months was that the company would move too far and too fast into M&A," it added.


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