Acting CEO Waheed Sulaiman explained: “Du Plessis wished to explore other opportunities and, in order to remove any uncertainties about this important company role, it was jointly agreed that the resignation would be effective immediately.” Further, he noted that the month-long handover period would ensure the continued smooth workings of the financial department.

Sulaiman recounted Du Plessis’s contributions to improving Wescoal’s financial systems and controls, concluding that, “our parting has been amicable . . . and, on behalf of the executive, we wish him every success in the future”.

Van der Walt is a member of the Public Accountants and Auditors Board and has 14 years’ experience in the mining resources sector. The appointment of a permanent CFO will see Van der Walt return to his original position as group financial manager.

Elandspruit Now Operational
Wescoal’s flagship operation, the Elandspruit mine, in Mpumalanga, delivered its first load of coal, which was processed at the recently commissioned Muhanga plant, toward the end of July.

Sulaiman said that initial mining operations started a few weeks earlier – in the first week of July – and that total production from the mining division would be ramped up to produce about 335 000 t/m of run-of-mine (RoM) during the final quarter of the current financial year.

“This is equivalent to about four-million tons of RoM on an annualised basis,” he said. “In addition, we have now successfully operated our processing plant with feed from Elandspruit and the results are very much in line with expectations. “We have also started selling Elandspruit coal into the domestic and export markets.”

The Elandspruit mine earns its title as Wescoal’s flagship by boasting reserves of over 34-million tons and a mine life of 12 to 15 years; however, Sulaiman stresses the need to address present market conditions.

“The outlook for commodities remains constrained. Fortunately, we are not too exposed on the export market, which is in the front line of this depressed situation but, nevertheless, we are taking a very pragmatic approach in the short term, with a view to our medium- to long-term sustainability.”