Aim-listed Mwana Africa last week announced the appointment of Mark Wellesley-Wood as nonexecutive chairperson of the company with immediate effect, subsequent to the resignation of Oliver Baring.
Wellesley-Wood, a mining engineer and fellow of the Institute of Materials, Minerals and Mining, has more than 40 years’ experience in the mining and investment banking industries.
Mwana Africa CEO Kalaa Mpinga said Wellesley-Wood’s considerable operational and corporate experience will greatly assist the company in delivering maximum value from its two mines in Zimbabwe – the Freda Rebecca gold mine, situated near the town of Bindura, about 90 km north-east of Harare, and ZSE-listed Bindura Nickel Corporation, in which Mwana Africa holds a 76.5% interest.
His experience will also aid in the development of the Zani-Kodo gold deposit, in the Democratic Republic of Congo, which has a Joint Ore Reserves Committee-compliant resource of 2.6-million ounces of gold.
In addition, the company recently announced restructuring aimed at reducing corporate costs and concentrating on cash-flow generation, and Mpinga believes Wellesley-Wood will be a valuable addition to the board as it aims to achieve these objectives.
Until recently, Wellesley-Wood was a director of specialist bank and asset manager Investec Investment Banking & Securities, prior to which he was head of corporate finance at corporate finance, stockbroking and commodity trading services provider Ambrian Partners, both of which are London-based.
Wellesley-Wood also previously worked at investment bank Dresdner Kleinwort Benson as the global sector head for metals.
He has been closely involved in mining activities in Southern Africa, having started his career on the Zambian Copperbelt, and has since held the positions of executive chairperson and CEO of South African gold miner DRDGold.
He has also been the CEO of Zimbabwe’s largest gold miner, Metallon Gold.
“I am pleased to have the opportunity to work with Mwana Africa and look forward to bringing my experience to the company as it focuses on operational delivery and creating shareholder value from its assets. I look forward to providing leadership for its board and management,” says Wellesley-Wood.