| Wed 4 Aug 2010, 13:31 | | WEZ - Wesizwe - Wesizwe ceo decides not to renew contract |
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WEZ
WEZ
WEZ - Wesizwe - Wesizwe ceo decides not to renew contract
Wesizwe Platinum Limited
(Incorporated in the Republic of South Africa)
Registration number 2003/020161/06
JSE code: WEZ
ISIN: ZAE000075859
("Wesizwe" or "the Company")
WESIZWE CEO DECIDES NOT TO RENEW CONTRACT
The Board of Directors of Wesizwe Platinum Limited (`Wesizwe Platinum` or `the
Company`) has notified its shareholders, with regret, that the Company`s Chief
Executive Officer, Mike Solomon, has decided not to renew his contract for a
further term.
The Board has also announced that with effect from 1 October 2010, the Company`s
current Finance Director, Arthur Mashiatshidi, will be appointed Chief Executive
Officer, while Wesizwe Platinum`s Chief Financial Officer, Jacques de Wet, will
assume the role of Finance Director.
Mr Solomon has committed to continue to serve the Company in an advisory
capacity for a further six months and will remain as a non-executive director.
Wesizwe Platinum Chairman, Dawn Mokhobo, commented, "Late last year, Mr Solomon
stated his intention to serve as Chief Executive Officer until his current
contract expires. He recently presented his decision to the Board, which has
now accepted his request. On behalf of the Board, I want to thank Mr Solomon
for the significant contribution he has unstintingly made to the Company over
the last six years."
Mr Solomon commented, "Having been with the Company from its early exploration
to the onset of the fully funded capital development of one of the finest new
projects in the platinum industry, it is an extremely difficult decision for me
to make to step down at this point and not oversee the sinking of the shafts. As
a mining engineer, this is obviously extremely close to my heart and represents
the culmination of all the high-risk and difficult work that the Board, my team
and I have done to date. However Wesizwe Platinum is undergoing a fundamental
transition in its format and operational requirements, and it needs a fresh team
with different attributes to take the Frischgewaagd-Ledig project forward."
Ms Mokhobo added, "Mr Solomon was part of the founding team of Wesizwe Platinum
and has been instrumental in building the Company into what it is today - from
the drilling of the initial exploration boreholes, to its pioneering move to
engage a community as the single-largest shareholder, which followed the
Company`s listing on the JSE Limited to raise funds for a platinum group metals
(PGMs) exploration programme. This led to Wesizwe Platinum completing a
feasibility study on a resource base of almost 16 million ounces, which is now
being prepared for implementation. The progress made by the Company is thanks
to Mr Solomon`s extensive mining industry experience and we wish him the very
best as he starts the next chapter of his career."
Over the last six months, Mr Mashiatshidi played a key role in rebuilding the
executive team at Wesizwe Platinum and bolstering the finance and administrative
function, including the implementation of sound governance practices and
policies. He has also played a broader strategic role within the organisation
and led the team that is currently in the final stages of negotiating a
significant transaction with a Chinese Consortium to provide Wesizwe Platinum
with a fully funded solution to develop its Frischgewaagd-Ledig project, as
detailed in the cautionary announcements dated 24 May 2010 and 6 July 2010.
Ms Mokhobo said, "Both Messrs Mashiatshidi and de Wet have been critical to the
Company`s development over recent months as we have advanced the Company in
preparation for Wesizwe Platinum`s metamorphosis from a developer, into a fully
fledged Mid-Tier mining company. They have played an important role in
strengthening the Company`s compliance and governance policies and procedures,
and these skills will be essential in taking the Company forward. The Board of
Directors is unanimous in its support for Messrs Mashiatshidi and de Wet, and we
are looking forward to their valuable contributions as the team delivers on its
business strategy."
Mr Solomon will continue his association with the Company by providing a
supporting role to the Board and executive team.
Mr Solomon concluded, "It has been an interesting and challenging assignment and
after six years at the helm, it`s good timing for a change of guard. I would
like to thank the Board, staff, our advisors and particularly the shareholders
for the support I have enjoyed from them all in overcoming the significant
difficulties that the Company has endured and successfully navigated in its
growth and development."
Investors are advised that the cautionary announcements dated 24 May 2010 and 6
July 2010 remain in force. Therefore, investors are advised to exercise caution
in dealing with securities of the Company.
4 August 2010
Sponsor: Investec Bank Limited
NOTES:
Arthur Mashiatshidi
MBA, BSc (Accounting and Finance)
Arthur Mashiatshidi is the founder and former Chief Executive of Decorum Capital
Partners, a company that developed and successfully managed the New Africa
Mining Fund. He holds an MBA from the University of Cape Town and graduated with
a Bachelor of Science in Economics, (majoring in Accounting and Finance) from
the Wharton School of Business at the University of Pennsylvania, USA. Arthur
holds a number of other business qualifications and has pursued the
CFARegistered (Chartered Financial Analyst) qualification with the Association
for Investment Management and Research up to level 2. Arthur has an extensive
mining background and was Vice-president at Gold Fields Limited from where he
developed the New Africa Mining Fund. He is a non-executive director at Total
South Africa, Howden Africa Limited.
Jacques de Wet
BCom Hons (Accounting), CA(SA), MCom
Currently Chief Financial Officer of Wesizwe Platinum, Jacques is a chartered
accountant with more than 16 years experience in the general finance, corporate
finance and project finance areas in the mining industry. He started his mining
career at Gencor (later Billiton and BHPBilliton) in the mid 1990s as the
manager responsible for internal audit and risk management, gaining extensive
experience in the operational functioning of various mining and smelting
activities, as well as marketing, trading and treasury activities.
As Corporate Finance Manager at BHP Billiton, and later Financial Manager:
Projects at Xstrata, he was specifically responsible for the development of
projects from concept phase to bankable feasibility study and the funding of
large international projects such as the Goedgevonden Coal Mine, the Mozal
Aluminium Smelter and the Escondida Copper expansion project. He was also
involved in the evaluation and implementation of M&A opportunities in a variety
of mining projects.
Jacques has experience in a range of commodity sectors including aluminium,
coal, chrome, manganese, gold, uranium and platinum. He has served on a number
of boards including Shaft Sinkers, Hernic Ferrochrome, Total Coal SA, Marula
Platinum Mine and Eureka Gold Mine Zimbabwe.
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