| Mon 1 Mar 2010, 11:02 | | PET - Petmin - Ian Cockerill Appointed As Petmin`s Executive Chairman |
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PET
PET
PET - Petmin - Ian Cockerill Appointed As Petmin`s Executive Chairman
Petmin Limited
(Incorporated in the Republic of South Africa)
(Registration number 1972/001062/06)
JSE code: PET AIM code: PTMN
ISIN: ZAE000076014
("Petmin" or "the Group")
IAN COCKERILL APPOINTED AS PETMIN`S EXECUTIVE CHAIRMAN
1 March, 2010: JSE- and AIM-listed mining and processing company Petmin Limited
announced today that Ian Cockerill will be appointed Executive Chairman of the
company with effect from 1 July 2010, and has assumed the role of Executive
Chair Designate from 1 March, 2010.
Ian`s appointment coincides with the group`s interim results announcement for
the period ended 31 December 2009 that inter alia outlines the Group`s
objective to develop Petmin into a world-class diversified mining company. He
will succeed current Petmin chairman Piet Nel.
Commenting on this appointment, Ian Cockerill said: "I have taken some time in
deliberating over a number of opportunities that have been presented to me,
and have made my decision based on my experience of working with the Petmin
team as a non-executive director over the past two and a half years. I am
attracted by the professionalism, value focus and team ethos exhibited by
management, evident in the manner in which they conduct their business and
have grown Petmin from a cash shell with a market cap of just R25 million in
2004 to a profitable, cash generative, operating mining company, with
approximately 700 employees and a market cap of more than R1.4 billion."
"Petmin is a company that is ideally equipped for growth. It is empowered at
all levels, it is high cash generative and it has great prospects for both
organic and acquisitive growth."
Piet Nel, Petmin`s current Chairman (for the past 20 years) commenting on this
move said: "It has been an honour to have served as Chairman of Petmin. Ian`s
appointment will be a tremendous advantage to the future growth of the Group."
Petmin`s Deputy Executive Chairman Lebo Mogotsi paid tribute to Piet for his
leadership during Petmin`s formative years and thanked him for his invaluable
contribution to the Group.
Lebo welcomed Ian`s appointment at this exciting phase of Petmin`s development.
Jan du Preez, Petmin`s CEO said that `Petmin is an excellent base from which a
serious mining company can be created and Ian will be instrumental in assisting
the company in achieving its ambitions. Under Ian`s guidance we expect to
significantly enhance stakeholder value during the next exciting phase of
Petmin`s growth and development as an organisation."
Bradley Doig, Petmin`s Chief Operating Officer, commented on the value that
Ian would bring to the company, "Ian is a globally respected mining leader who
has a deep understanding of the business of mining, has access to
international capital markets and growth opportunities and his sound knowledge
of the company and its growth strategy places Petmin in great shape for the
future".
In appointing Ian as Executive Chairman, Petmin considered Ian`s impeccable
track record in the mining sector during the past 35 years and his excellent
strategic leadership abilities, international experience and understanding of
the requirements of the international institutional investor community. To
address corporate governance considerations that come with the appointment of
an Executive Chairman and, in line with King III recommendations, Petmin will
appoint a lead independent non-executive director. Further announcements on
this will be made in due course.
Queries:
Charmane Russell
Russell and Associates
+ 27 11 880 3924 (Tel)
+ 27 82 372 5816 (Mobile)
Brief CV - Ian Cockerill:
BSc (Hons) Geology, London University; MSc (Mining), Royal School of Mines
IAN COCKERILL was appointed a non-executive director of Petmin in October 2007.
From June 2008 to December 2009, Ian was the Chief Executive Officer of Anglo
Coal. He was President and Chief Executive Officer of Gold Fields Limited from
2002 to 2008, having joined that company as Chief Operating Officer in 1999.
During his years at the helm of Gold Fields, the company became a producer of
gold in four countries around the globe, concentrating on large, high-quality,
long-life assets. Ian`s history with Anglo American dates back to 1981 with
various managerial positions held mainly in the Gold and Uranium Division,
later AngloGold Limited. Between 1996 and 1999, he was Executive Officer,
Business Development and African International Operations for AngloGold. He has
more than 35 years` experience in the global resources industry.
Ian is also Chairman of the "Leadership for Conservation in Africa", a not for
profit initiative in partnership with the South African Parks Boards, global
business leaders and the IUCN, whose aim is to stimulate conservation and lead
sustainable development across the African continent.
He is a well rounded and seasoned natural resource sector Executive, with
extensive global experience in mining operations, project development, M&A, and
leadership across a variety of commodities. He has a proven track record of
team building, delivery, growth and value accretion.
Background on Petmin:
Petmin is a multi-commodity mining and processing company and a market leader
in the production of quality anthracite and silica. The group has been listed
on the JSE Limited since 1986, and the London Stock Exchange`s Alternative
Investment Market (AIM) since 2006.
Petmin holds two operating assets and a development project - the SamQuarz
silica mine, the Somkhele anthracite mine and an effective 34.9% economic
interest in the Veremo pig- iron project - as well as a 100% interest in Petmin
Logistics.
SamQuarz is the largest producer of high-quality silica in South Africa with
run-of-mine (ROM) production of 1.4 million tonnes a year. Somkhele, which was
commissioned in June 2007, is one of the country`s largest producers of
high-quality anthracite for local and export markets. Somkhele has plant
capacity of approximately 1.4 million ROM tonnes per year.
Petmin Logistics has a contractual agreement with Transnet Port Terminals for
the exclusive use of an export facility for 600,000 tonnes a year at Richards
Bay Dry Bulk Terminal.
Petmin has an experienced corporate and operational management team with a
track record of making value-enhancing acquisitions and disposals, and of
improving the operational efficiencies of the businesses acquired.
The shareholding by black economic empowerment (BEE) groups is currently 33%.
Management and directors currently have a significant shareholding interest in
Petmin and are aligned with shareholders` interests.
ENDS.
Sponsor
RIVER GROUP
1 March 2010
Date: 01/03/2010 11:02:07 Produced by the JSE SENS Department.
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