22nd Dec 2015 08:32
LONDON (Alliance News) - Central Rand Gold Ltd, a South African gold mining and exploration holding company, on Tuesday said Johan du Toit has decided to resign and will step down as chief executive from the end of this year to pursue other opportunities, with Non-Executive Director Allen Phillips to take the role on a temporary basis.
Central Rand Gold also said it has terminated the process around the sale of Central Rand Gold (Netherlands Antilles) NV with immediate effect, although it is still negotiating with one Asian investor about a strategic investment into the broader group.
The company said it will undertake a search to identify a new chief executive in 2016. Meanwhile, Central Rand Gold named Lola Trollip, previously a senior finance executive with Norilsk Nickel Africa, as chief financial officer, while Mark Austin, currently senior partner at Applied Geology and Mining Proprietary Ltd, was appointed as a non-executive director.
Interim CEO Phillips, who joined the board in May 2014, has been performing a "more hands-on role" in the operations of the company, according to Central Rand Gold, advising the company on the continued refinement of its metallurgical plant during the latter half of 2014 and throughout 2015.
"These improvements have increased plant availability and gold recoveries which have translated into improved economic performance of the company over this period," Central Rand Gold said.
Shares in Central Rand were down 20% at 2.90 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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