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Gold Fields' Munro to head new Harmony-linked uranium company
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31st March 2008
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The Pamodzi Resources Fund (PRF) and Harmony Gold announced on Monday that John Munro had been appointed CEO of the new uranium company created through the sale of certain of Harmony's uranium and gold assets.

Munro, who has a degree in chemical engineering, currently holds the position of executive vice-president: head of corporate development at Gold Fields, a post he has held since November, 2005. His new appointment would be effective May 5.

Gold Fields said in a statement that Munro's responsibilities would be assumed by Jimmy Dowsley, the company's current senior vice-president for business development.

As CEO, Munro would be tasked with spearheading the development of the new company, still dubbed ‘Newco', borne of a $420-million transaction between PRF and Harmony in December last year.

In the transaction, certain of the uranium and gold assets of Randfontein, known as the Cooke section, would be sold into a special purpose vehicle. Once all the conditions have been fulfilled, the uranium company would be jointly held by PRF with a 60% shareholding and Harmony with a 40% stake.

The Cooke section assets include the Cooke 1,2 and 3 shafts, the plant, new order mining and prospecting rights and tailing dumps.

The old Randfontein section assets the Lindum dumps, dump 20, the Lindum Dump and Dump 20 Mineral Rights.

Munro's appointment was announced within minutes of a statement from Gold Fields, that its CEO, Ian Cockerill had resigned to join a company "outside of the gold industry". Cockerill will be replaced by the group's CFO, Nick Holland.

Shares in Harmony declined 0,58% on Monday, to R98,97 a share by 13:19 in Johannesburg. Gold Fields shares were down 5,41% by the same time, at R112,00 apiece.

– with additional reportage by Liezel Hill.

Edited by: Terence Creamer


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