David Brown
Photo by: Creamer Media
David Brown has resigned as CEO of coal miner MC Mining to pursue his own interests.
His resignation is effective January 31, but he will be available to MC Mining until March 31 to ensure a smooth handover.
Brown joined MC Mining as chairperson in August 2012 and was appointed CEO in February 2014.
"He has guided the company in a challenging business environment, accompanied by periods of significant commodity price volatility. David completed an extensive restructuring of MC Mining’s balance sheet, followed by the progression of the company’s hard coking coal assets and the acquisition of the cash-generative Uitkomst colliery," the JSE-, Aim- and ASX-listed company said on Friday.
CFO Brenda Berlin has been appointed acting CEO and will focus on securing the required funding for the development of the company's flagship Makhado hard coking coal project, in South Africa.
MC Mining on Friday also noted that the process to raise the $52-million composite debt/equity funding needed for Phase 1 of the Makhado project was progressing.
"I am pleased that Brenda has accepted the role of acting CEO in this key period. She has significant capital raising experience, among other areas, having been the CFO of Impala Platinum for a period of seven years prior to joining MC Mining," commented chairperson Bernard Pryor.