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Sibanye-Stillwater appoints two non-executive directors

Mining company Sibanye-Stillwater [JSE: SGL] has announced the appointment of two non-executive directors to the board.

Wang Bin and Lu Jiongjie will join Sibanye-Stillwater's board as non-independent and non-executive directors from January 1, 2020 - the mining company announced in a notice to shareholders on Wednesday.

"The appointments are pursuant to a written merger agreement entered into in August 2013 between Sibanye Gold and Gold One International for the acquisition by Sibanye Gold of Gold One's Cooke and Ezulwini Operations," the notice reads.

Wang Bin is currently the deputy general manager of Baiyin Nonferrous Group and is in charge of its overseas investments and assets management. Baiyin is described as "one of the leading mining companies in China" and its businesses include mining, processing, smelting and refining, among other things.

"Mr Wang Bin has over 20 years of experience in engineering management, operational leadership, project development and corporate business development in the mining and metals industry," the notice reads. He was previously the project director for the acquisition of the 40% minority shareholders' equity of Gold One Group.

Lu Jiongjie is currently the general manager of Baiyin International Investment - which he established in 2013. On behalf of Baiyin Group, he has helped grow the investments under its management to the value of $400m and its debt financing under its management to $800m.

"He previously worked as an associate and director of Long March Capital where he participated in various mining transactions, including a $635m investment by a Chinese consortium led by Baiyin in 2011 to acquire Gold One," the notice reads.

Sibanye's share price, which opened at R34.74 on Wednesday morning, was trading 0.37% weaker to the previous close at R34.66 by 16:44.

Compiled by Lameez Omarjee

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