15th Jul 2011 11:13
15 July 2011 African Barrick Gold plc ("ABG") Appointment of Ambassador Juma V. Mwapachu as Non-Executive Director
ABG is pleased to announce the appointment of Ambassador Juma V. Mwapachu, Tanzanian national, as an Independent Non-Executive Director, with effect from 14 July 2011.
Ambassador Mwapachu is a law graduate and began his career in the public sector in Tanzania as a State Attorney and subsequently served in the Foreign Office. Following a period as a management consultant with Coopers & Lybrand Associates, now PricewaterhouseCoopers, he worked as Managing Director of one of the largest private sector Tanzanian business groups before establishing his own consulting group. Throughout his career he has been a leading advocate of the creation of a strong and dynamic private sector in Tanzania. He was the founding Secretary General of the Chamber of Commerce, Industry and Agriculture in 1988 and served as Chairman of the Confederation of Tanzania industries between 1996 and 2000 as well as Chairman of the East African Business Council from 1999 to 2000. During this period, he also served on a number of Presidential Commissions that consolidated Tanzania's market economy and which ushered in a multi-party political system. He was a Member of the Team that crafted Tanzania's Development Vision 2025. Later, he was appointed as Tanzania's Ambassador to France, a post he held from 2002 to 2006. Following his return to Tanzania, he has played a leading role in the regional integration of East Africa through his immediate past post as Secretary General of the East African Community, a position he held for five years until the end of April this year.
Commenting on the appointment, ABG's Chairman, Aaron Regent, said: "The Board is delighted to welcome as a new member someone of the calibre of Ambassador Mwapachu. His experience in Tanzania and more broadly in Africa will add a new dimension to the Board and will be of significant value in meeting the challenges of delivering on the strategic objectives of the business."
These views were echoed by ABG's Senior Independent Director, Derek Pannell, who added: "During the course of our discussions over recent months, I have been impressed by Ambassador Mwapachu's knowledge of our operating environment and the issues facing us, together with his passion to see Tanzania and the rest of the African continent succeed. His energy and expertise will bring additional depth to the Board and I greatly look forward to working with him."
The appointment of Ambassador Mwapuchu brings the number of Board members to ten, including six independent Non-Executive Directors.
ENQUIRIES
For further information contact:
African Barrick Gold plc
Andrew Wray, Head of Corp. Devt. & IR +44 (0)207 129 7155
Finsbury +44 (0)20 7251 3801Andrew MitchellCharles Chichester
This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of ABG in any jurisdiction.
This announcement includes "forward-looking statements" that express or imply expectations of future events or results. Forward-looking statements are statements that are not historical facts. These statements include, without limitation, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future production, operations, costs, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "plans," "expect," "anticipates," "believes," "intends," "estimates" and other similar expressions.
All forward-looking statements involve a number of risks, uncertainties and other factors, many of which are beyond the control of ABG, which could cause actual results and developments to differ materially from those expressed in, or implied by, the forward-looking statements. Factors that could cause or contribute to differences between the actual results, performance and achievements of ABG include, but are not limited to, political, economic and business conditions, industry trends, competition, fluctuations in the spot and forward price of gold or certain other commodity prices, changes in regulation, currency fluctuations (including the US dollar, South African rand and Tanzanian shilling exchange rates), ABG's ability to successfully integrate future acquisitions, ABG's ability to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves, and to timely and successfully process its mineral reserves, risk of trespass, theft and vandalism, changes in its business strategy as well as risks and hazards associated with the business of mineral exploration, development, mining and production. Although ABG's management believes that the expectations reflected in such forward-looking statements are reasonable, ABG cannot give assurances that such statements will prove to be correct. Accordingly, investors should not place reliance on forward looking statements in this announcement. Any forward-looking statements in this announcement only reflect information available at the time of preparation. Subject to the requirements of the Disclosure and Transparency Rules and the Listing Rules or applicable law, ABG explicitly disclaims any obligation or undertaking publicly to release the result of any revisions to any forward-looking statements in this announcement that may occur due to any change in ABG's expectations or to reflect events or circumstances after the date of this announcement. Nothing in this announcement should be construed as a profit forecast or estimate.
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