| Wed 30 Jun 2010, 15:05 | | PAM - Palabora Mining Company Limited - Changes to directorate |
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PAM
PAM
PAM - Palabora Mining Company Limited - Changes to directorate
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1956/002134/06)
JSE code: PAM ISIN: ZAE000005245
("Palabora")
CHANGES TO DIRECTORATE
In compliance with section 3.59 of the Listings Requirements of the JSE,
Palabora hereby announces the following appointment to its Board of Directors
("the Board"):
Matthew Gili, the Managing Director at Palabora has resigned with effect from
1 July 2010, after five and a half successful and productive years at Palabora,
to take on a new role at the Oyu Tolgoi project in Mongolia. Matthew is being
seconded by Rio Tinto to the Oyu Tolgoi project in Mongolia, one of the largest
undeveloped copper projects in the world.
Clifford Zungu, Chairman of the Palabora Board remarked: "On behalf of the
Board and myself, I would like to thank Matthew for his excellent operational
guidance and for leading Palabora so efficiently towards achieving
transformation for growth and sustainability. Under his leadership, Palabora`s
safety performance continued to improve, concluded the Broad-Based Black
Economic Empowerment transaction, and maintained a stable business through the
global economic downturn. Matthew leaves Palabora in a strong position with work
well underway to complete phase II drilling to access the remaining copper ore
body and assess the potential economic impact of a second lift in the
underground operations and to grow the magnetite business. I wish Matthew and
his family every success in their new venture."
Shareholders are further advised that Anthony (Tony) W. Lennox has been
appointed as Managing Director at Palabora, with effect from 12 July 2010. Tony
is currently General Manager of Rio Tinto Energy`s Kestrel coal in Queensland,
Australia. Prior to joining Rio Tinto four years ago, he held senior management
roles with BHP Billiton, including Corporate Vice President Health Safety &
Environmental and President of the Cannington mining operation. Tony has a deep
and impressive career in the mining industry. He is a mining engineer and holds
a Bachelor of Engineering (Hons) Degree from the University of New South Wales.
Clifford Zungu, Chairman of the Palabora Board commented: "I am very pleased to
welcome Tony to the Palabora team. With his vast experience in the mining
industry, I am confident that he will continue to take Palabora to greater
heights through its next chapter".
Matthew will remain at Palabora over the next few months until a smooth and
effective transition has been completed.
Phalaborwa
30 June 2010
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 30/06/2010 15:05:02 Produced by the JSE SENS Department.
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