3rd Sep 2013 08:21
LONDON (Alliance News) - Mwana Africa PLC Tuesday appointed Mark Wellesley-Wood as non executive chairman, just a day after it said Oliver Baring had resigned as Chairman with immediate effect.
Until recently Wellesley-Wood was a director of Investec Investment Banking and Securities in London, having previously held other roles in investment banking and been an executive of other gold mining companies.
"Mark's considerable operational and corporate experience will greatly assist us in delivering the maximum value from these assets," Mwana Chief Executive Kalaa Mpinga said in a statement. "In addition, the company has recently announced a restructuring aimed at reducing corporate costs and concentrating on cash flow generation and I believe Mark will be a valuable addition to the Board as it looks to achieve these objectives. "
The exploration and production mining company with operations in Zimbabwe and South Africa set up its cost cutting plan raise the additional funding it needs to finance the second phase of drilling at its 76.5%-owned Bindura Nickel Corp Trojan nickel mine in Zimbabwe.
As part of the cost-cutting drive, the company's top executives took big pay cuts, and a company spokesman said Baring's departure was related to that programme.
It didn't detail Wellesley-Wood's pay package for his non executive role.
The company's shares were down 1.4% at 1.775 pence Tuesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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