21st Jan 2025 07:45
(Alliance News) - Thungela Resources Ltd on Tuesday it has hired De Beers executive Moses Madondo to be its new chief executive officer, starting on August 1.
Madondo will succeed the current CEO, July Ndlovu, who will step down in July.
Shares in Thungela were up 0.8% to ZAR132.50 on Tuesday morning in Johannesburg, giving the company a market capitalisation of ZAR18.62 billion. Thungela's market cap was ZAR3.41 billion in June 2021, when it went public.
The Rosebank-based coal miner said Ndlovu will reach the retirement age of 60 years in July. In line with the company's retirement policy, he is scheduled to retire in 2025.
"July's exceptional leadership, his extensive mining experience and guidance have contributed to the growth and success of the company," Thungela said.
Ndlovu has been at the helm since Thungela was formally spun off from Anglo American PLC in June 2021. He led the listing of the coal producer both on the London and Johannesburg stock exchanges that same month.
Madondo is currently CEO of De Beers Group Managed Operations and brings over 25 years of mining experience to the role in various senior leadership positions. De Beers is part of Anglo American.
He has also served on several divisional boards and as a board member of the Minerals Council of South Africa and Rand Refinery Ltd.
By Artwell Dlamini, Alliance News reporter
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