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Multinational precious metal mining company Sibanye-Stillwater, led by South African businessman Neal Froneman, has announced plans to undertake a management overhaul at its recently acquired unit, New Century Resources.
The move comes after Sibanye-Stillwater announced emergency funding of up to A$30 million ($20.1 million) for the Australian zinc and tailings mining company.
The South African mining group is seeking to put New Century on the path of growth and aims to do so by starting with the firm’s chair Kerry Gleeson, who announced her resignation on Wednesday.
Following Gleeson’s exit, New Century’s CEO Robert Cooper is also set to resign.
New Century in recent times has suffered significant disruptions in its operation due to the flooding of its Queensland operations and the port of Karumba.
This resulted in a longer-than-anticipated delay in production and the loss of 25,000 to 30,000 tonnes of zinc output.
Shareholders have been dissatisfied with the current approach, and Sibanye-Stillwater aims to address this by changing the leadership team.
Froneman has criticized New Century’s management, stating that the establishment of a top global tailings retreatment company is no longer a priority under the current leadership.
As part of the planned management overhaul, Sibanye-Stillwater executives Stephan Stander and Benjamin Dry will join New Century as directors.
In addition to the planned overhaul, Sibanye-Stillwater is also targeting the acquisition of Zambian copper mining company Mopani, which it sees as a unique opportunity to obtain significant copper production and gain exposure to the green metal.
Sibanye-Stillwater is a multinational precious metal mining company with operations in South Africa and the Americas.
Froneman has played a pivotal role in transforming the company into a leading primary producer of platinum, palladium, and gold. He holds a 0.074-percent stake in the company.
With the planned management overhaul, Sibanye-Stillwater hopes to steer New Century toward growth and profitability.
The move is a crucial one, as it will help the company to recover from the challenges it has faced in recent months.
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