Publications
Partners
Johannesburg - Bernard Swanepoel, the former
chief executive officer of
Harmony Gold Mining Company [JSE:HAR], will take over as chairperson of junior gold producer
Simmer & Jack Mines [JSE:SIM] in September.
This is after the non-executive chairperson Vusi Khanyile said he would not make himself available for re-election to the board at the Annual General Meeting.
Khanyile was appointed to the Simmers board in December 2009 when he agreed to step into the breach and help stabilise the company following a shareholder dispute with its black economic empowerment partner Vulisango Holdings.
Under his leadership the shareholder dispute was resolved and a functional, independent board established.
"I accepted the position of chairperson in December 2009 precisely because I believed I could play a role in helping to restore investor confidence through the creation of a strong and effective board capable of putting the company on a steady footing and positioning it to deliver on its potential," said Khanyile.
"I believe that this has now been achieved and I am confident that the company is in safe hands," he added.
Swanepoel said Khanyile's contribution had been important in securing the future of the company, which with the conclusion of the Tau Lekoa acquisition "looks highly promising".
Last week Simmers announced the completion of the R600m Tau Lekoa acquisition from AngloGold Ashanti [JSE:ANG].
The deal, first announced in February last year, has taken 17 months to conclude but is seen as a turning point for Simmers.
The company-transforming acquisition will catapult Simmers from a marginal, junior miner into the fourth largest gold producer in South Africa.
"It's the first strategic step in transforming Simmers into a company capable of sustaining healthy profitability, given that Tau Lekoa is capable of generating positive free cash flow from the outset," said CEO Nico Schoeman last week.
Simmers will take full ownership of Tau Lekoa and the adjacent properties of Weltevreden and Goedgenoeg from next month.
Swanepoel assumes the role of chairperson after the AGM on September 10.
- I-Net Bridge
This is after the non-executive chairperson Vusi Khanyile said he would not make himself available for re-election to the board at the Annual General Meeting.
Khanyile was appointed to the Simmers board in December 2009 when he agreed to step into the breach and help stabilise the company following a shareholder dispute with its black economic empowerment partner Vulisango Holdings.
Under his leadership the shareholder dispute was resolved and a functional, independent board established.
"I accepted the position of chairperson in December 2009 precisely because I believed I could play a role in helping to restore investor confidence through the creation of a strong and effective board capable of putting the company on a steady footing and positioning it to deliver on its potential," said Khanyile.
"I believe that this has now been achieved and I am confident that the company is in safe hands," he added.
Swanepoel said Khanyile's contribution had been important in securing the future of the company, which with the conclusion of the Tau Lekoa acquisition "looks highly promising".
Last week Simmers announced the completion of the R600m Tau Lekoa acquisition from AngloGold Ashanti [JSE:ANG].
The deal, first announced in February last year, has taken 17 months to conclude but is seen as a turning point for Simmers.
The company-transforming acquisition will catapult Simmers from a marginal, junior miner into the fourth largest gold producer in South Africa.
"It's the first strategic step in transforming Simmers into a company capable of sustaining healthy profitability, given that Tau Lekoa is capable of generating positive free cash flow from the outset," said CEO Nico Schoeman last week.
Simmers will take full ownership of Tau Lekoa and the adjacent properties of Weltevreden and Goedgenoeg from next month.
Swanepoel assumes the role of chairperson after the AGM on September 10.
- I-Net Bridge
