Former Finance Minister Nhlanhla Nene
Photo by: Bloomberg
Coal miner MC Mining has announced the appointment of multilateral institution veteran and former Finance Minister Nhlanhla Nene to its board as a nonexecutive director.
A number of board changes have been made following an extraordinary general meeting (EGM) on April 11.
The removal of chairperson Bernard Pryor and nonexecutive director and interim CEO Sebastiano Randazzo had been on the agenda for the EGM, but both chose to resign from their positions ahead of the meeting.
Resolutions to appoint Nene and Godfrey Gomwe as nonexecutive directors were passed during the EGM.
Gomwe brings more than 30 years’ experience in the metals and mining industries. He is a former CEO of Anglo American’s thermal coal business and a former executive director of Anglo American South Africa.
Prior to his tenure at Anglo, Gomwe held various leadership positions and directorships in listed and unlisted companies.
In addition to having served as deputy Finance Minister and Finance Minister in recent years, he has also served as chairperson of the Public Investment Corporation.
He is currently chairperson of the supervisory board of Dutch investment company Arise and a nonexecutive chairperson of Thebe Investment Corporation.
MC Mining called an EGM after minority shareholders, with a 6.8% stockholding collectively, called for the resignation of key executives amid delays in building the company’s R575-million Makhado thermal and metallurgical coal mine.
The company has been struggling to raise funds for this flagship coal project, in Limpopo, as lenders have become increasingly wary of financing fossil fuel projects.