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New executives for Kumba Iron Ore
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12th April 2006
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Diversified-miner Kumba Resources has named two new executives, who will hold positions at Kumba Iron Ore after the miner splits into two separately-listed entities – Kumba Iron Ore and Exxaro – by midyear.

The company appointed Vincent Uren, who came out of the Anglo stable, as chief financial officer of Kumba Iron Ore and Francois Louw, currently a project director for Kumba, will take up the position of commercial general manager of Kumba Iron Ore.

Uren has held the position of senior vice-president of corporate finance at Anglo American South Africa since 2000, and spent the last 17 years in the company’s corporate-finance department. He has also been involved in a range of local and international investment and operations projects.

Kumba Iron Ore’s new commercial general manager, Louw, served as project director for the Kumba iron-ore business’ Northern Cape interests, since September last year. Before that, he was strategic project manager and was also general manager at Ticor South Africa.

These appointments followed Kumba, Anglo American and Eyesizwe’s joint-announcement, in October, of its black economic-empowerment (BEE) transaction.

The transaction indicated that coal, mineral sands, zinc and 20% of Kumba’s iron-ore assets would go into Exxaro and most of the former Kumba’s iron-ore assets would go into the newly-formed Kumba Iron Ore.

In January, Kumba announced that Ras Myburgh had been appointed CEO of Kumba Iron Ore, which would be controlled by Anglo American. The company, with an enterprise value of R14-billion, would hold 74% of Kumba Resources’ South African iron-ore assets through Sishen Iron Ore Company.

Meanwhile, broad-based BEE groups through a holding company, BEE Holdco, would control the other mining house, Exxaro. It would be South Africa’s largest black-owned, -controlled and -managed company at a value of R16-million.

 

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FRANCOIS LOUW
 

FRANCOIS LOUW